Belco owners report Q3 net earnings of $64.9m
The owners of Belco, Algonquin Power & Utilities Corporation, have announced third quarter net earnings of $64.9 million.
“We continue to hit key milestones on our journey towards a simpler and more focused regulated business,” said Chris Huskilson, chief executive Officer of AQN.
“These successes include the announced sales of our renewables business and Atlantica ownership stake, completion of the roll-out of our new IT platform, appointment of new corporate leadership, the simplification of our capital structure, and recent rate case filings to improve our earned returns.”
The earnings report said Algonquin’s regulated services group, which includes Belco, recorded third quarter year-over-year growth of 3 per cent due to the “implementation of new rates, most notably at the Bermuda, CalPeco, Empire Arkansas Electric utilities, and New York Water utility”.
It added however: “New rates were more than offset by higher operating expenses, and depreciation.”
Mr Huskilson added: “In all, we are proud of the progress we have made, though this is a multiyear journey and there is still much work to be done.
“We are committed to serving our customers and producing an appropriate return on our investments and we are confident we are on the right path to do so.”
• The full results can be seen here.
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