The owner of Belco, Algonquin Power & Utilities Corporation, has 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,” Chris Huskilson, the chief executive of AQN, said.

“These successes include the announced sales of our renewables business and Atlantica ownership stake, completion of the rollout 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 owing 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.