2 results
40-F
2023 FY
AQN
Algonquin Power & Utilities Corp
8 Mar 24
Annual report (Canada)
7:00am
1. | CORPORATE STRUCTURE | 3 | ||||||||||||
1.1 | Name, Address and Incorporation | 3 | ||||||||||||
1.2 | Intercorporate Relationships | 4 | ||||||||||||
2. | GENERAL DEVELOPMENT OF THE BUSINESS | 5 | ||||||||||||
2.1 | Three Year History | 6 | ||||||||||||
2.1.1 | Fiscal 2021 | 6 | ||||||||||||
2.1.2 | Fiscal 2022 | 7 | ||||||||||||
2.1.3 | Fiscal 2023 | 8 | ||||||||||||
2.1.4 | Fiscal 2024 | 9 | ||||||||||||
3. | DESCRIPTION OF THE BUSINESS | 9 | ||||||||||||
3.1 | Regulated Services Group | 9 | ||||||||||||
3.1.1 | Description of Operations | 10 | ||||||||||||
3.1.2 | Specialized Skill and Knowledge | 15 | ||||||||||||
3.1.3 | Competitive Conditions | 15 | ||||||||||||
3.1.4 | Cycles and Seasonality | 16 | ||||||||||||
3.2 | Renewable Energy Group | 16 | ||||||||||||
3.2.1 | Description of Operations | 17 | ||||||||||||
3.2.2 | Specialized Skill and Knowledge | 20 | ||||||||||||
3.2.3 | Competitive Conditions | 20 | ||||||||||||
3.2.4 | Cycles and Seasonality | 20 | ||||||||||||
3.3 | Corporate Development Activities | 21 | ||||||||||||
3.3.1 | Development of Regulated Services Group Assets | 21 | ||||||||||||
3.3.2 | Development of Renewable Energy Group Assets | 21 | ||||||||||||
3.4 | Principal Revenue Sources | 21 | ||||||||||||
3.5 | Environmental Protection | 22 | ||||||||||||
3.6 | Employees | 22 | ||||||||||||
3.7 | Foreign Operations | 22 | ||||||||||||
3.8 | Economic Dependence | 23 | ||||||||||||
3.9 | Social and Environmental Policies and Commitment to Sustainability | 23 | ||||||||||||
3.10 | Credit Ratings | 24 | ||||||||||||
4. | ENTERPRISE RISK FACTORS | 26 | ||||||||||||
4.1 | Risk Factors Relating to Operations | 26 | ||||||||||||
4.2 | Risk Factors Relating to Financing and Financial Reporting | 36 | ||||||||||||
4.3 | Risk Factors Relating to Regulatory Environment | 40 | ||||||||||||
4.4 | Risk Factors Relating to Strategic Planning and Execution | 43 | ||||||||||||
5. | DIVIDENDS | 50 | ||||||||||||
5.1 | Common Shares | 50 | ||||||||||||
5.2 | Preferred Shares | 50 |
40-F
2023 FY
AQN
Algonquin Power & Utilities Corp
8 Mar 24
Annual report (Canada)
7:00am
For the Renewable Energy Group, the following provides a breakdown of revenue by percentage for the years ended December 31, 2022 and December 31, 2023:
% of Revenue | ||||||||
December 31, 2022 | December 31, 2023 | |||||||
Wind generation | 58.4% | 60.5% | ||||||
Solar generation | 7.9% | 9.4% | ||||||
Hydroelectric generation | 13.6% | 10.7% | ||||||
Thermal generation | 12.7% | 9.2% | ||||||
Other revenue1 | 7.4% | 10.1% |
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