Mar. 3, 2011 (Canada NewsWire Group) --
OAKVILLE, ON, March 3 /CNW/ - Algonquin Power & Utilities Corp. ("APUC")
(TSX: AQN), today announced that the Board of Directors of APUC
approved an annual dividend increase of $0.02 per common share for a
total annual dividend of $0.26, paid quarterly at a rate of $0.065 per
common share.
APUC also announced today that its Directors have declared a dividend on
its shares. The dividend is $0.065 per share payable on April 15, 2011
to the shareholders of record on March 31, 2011 for the period from
January 1, 2011 to March 31, 2011.
"2010 was a year of value consolidation for APUC with achievements in
our growth program, including a large hydroelectric acquisition in our
power business, resolution of nine water utility rate cases for Liberty
Water, the commissioning of Phase I Red Lily wind project, the
completion of Liberty Energy's acquisition of our California
electricity distribution utility and execution of agreements to acquire
a significant follow‐on electricity distribution utility and a natural
gas utility", commented Ian Robertson, Chief Executive Officer of APUC.
"Our total shareholder return proposition is based on our attractive
dividend coupled with capital appreciation arising from dividend growth
and we believe this dividend increase to be reflective of our
confidence in APUC's growing cash flows, solid earnings and attractive
growth prospects."
For Canadian resident shareholders, dividends declared are considered as
"eligible dividends" for purposes of the dividend tax credit rules
contained in the Income Tax Act (Canada).
About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a
diversified portfolio of $1.1 billion of clean renewable electric
generation and sustainable utility distribution businesses in North
America. Liberty Water Co., APUC's water utility subsidiary, provides
regulated water utility services to more than 70,000 customers with a
portfolio of 19 water distribution and wastewater treatment utility
systems. Through its wholly owned subsidiary Liberty Energy Utilities
Co., APUC provides regulated electricity and natural gas distribution
services, currently serving more than 47,000 electric customers in the
Lake Tahoe, CA area. Pursuant to previously announced agreements,
Liberty Energy Utilities Co. is committed to acquiring Granite State
Electric Company, a New Hampshire electric distribution company, and
EnergyNorth Natural Gas Inc., a regulated natural gas distribution
utility, which together serve approximately 130,000 customers.
Algonquin Power Co., APUC's electric generation subsidiary, includes 45
renewable energy facilities and 12 thermal energy facilities
representing more than 460 MW of installed capacity. APUC and its
operating subsidiaries deliver continuing growth through an expanding
pipeline of greenfield and expansion renewable power and clean energy
projects, organic growth within its regulated utilities and the pursuit
of accretive acquisition opportunities. APUC's common shares and
convertible debentures are traded on the Toronto Stock Exchange under
the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power &
Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.
Caution Regarding Forward‐Looking Information
Certain statements included in this news release contain information
that is forward‐looking within the meaning of certain securities laws,
including information and statements regarding prospective results of
operations, financial position or cash flows. These statements are
based on factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection, including assumptions
based on historical trends, current conditions and expected future
developments. Since forward‐looking statements relate to future events
and conditions, by their very nature they require making assumptions
and involve inherent risks and uncertainties. APUC cautions that
although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the
possibility that actual results may differ materially from the
expectations set out in the forward‐looking statements. Material risk
factors include those set out in the management's discussion and
analysis section of APUC's most recent annual report, quarterly report,
and APUC's Annual Information Form. Given these risks, undue reliance
should not be placed on these forward‐looking statements, which apply
only as of their dates. Other than as specifically required by law,
APUC undertakes no obligation to update any forward-looking statements
or information to reflect new information, subsequent or otherwise.
Kelly Castledine
Telephone: (905) 465‐4500
Algonquin Power & Utilities Corp.
2845 Bristol Circle
Oakville, Ontario L6H 7H7
