Algonquin Power & Utilities Corp. Announces 2012 Fourth Quarter and Year End Financial Results

 Algonquin Power & Utilities Corp. Announces 2012 Fourth Quarter and Year End
                              Financial Results

PR Newswire

OAKVILLE, ON, March 14, 2013

OAKVILLE, ON, March 14, 2013 /PRNewswire/ - Algonquin Power & Utilities Corp.
("APUC") (TSX: AQN), today announced financial results for the fourth quarter
and year ended December 31, 2012.

Financial Highlights:

  *For the fourth quarter of 2012, revenue from continuing operations was
    $143.1 million as compared to $70.5 million in the fourth quarter of 2011.
    The increase in revenue over the same period in 2011 is primarily related
    to results from the acquisitions of the New Hampshire gas and electric
    utility assets, Midwest gas utility assets, and the acquisition of an
    interest in the U.S. wind projects, all of which occurred in the second
    half of 2012. For the year 2012, APUC generated revenue from continuing
    operations of $369.9 million as compared to $270.7 million in 2011.

  *Adjusted earnings before interest, taxes, depreciation and amortization
    ("EBITDA") was $33.4 million in the fourth quarter of 2012 as compared to
    $24.3 million in the fourth quarter of 2011. The increase in adjusted
    EBITDA over the comparable period is primarily related to increased
    revenues as a result of the acquisition of the New Hampshire gas and
    electric utility assets, Midwest gas utility assets, and the U.S. wind
    projects, and increased demand at the electric distribution utility in
    California (the "California Utility"). APUC generated adjusted EBITDA of
    $106.2 million in 2012 as compared to $103.7 million in 2011.

  *APUC reported adjusted net earnings of $5.4 million or $0.03 per share in
    the fourth quarter of 2012 as compared to adjusted net earnings of $3.6
    million or $0.03 per share in the fourth quarter of 2011. For the year
    2012, APUC reported adjusted net earnings of $20.8 million or $0.14 per
    share as compared to $38.3 million or $0.33 per share in 2011.

Growth Highlights:

  *On December 10, 2012, the acquisition of a 60% interest in the Minonk (200
    MW) and Senate (150 MW) wind projects in  the United States was completed
    by an APUC subsidiary. This is in addition to the completion of the
    acquisition of a 60% interest in the 50 MW Sandy Ridge wind project
    earlier in the year. Total consideration paid for the acquisition of the
    interest in the three wind projects was approximately U.S. $271.7 million.

  *On December 21, 2012, APUC completed the acquisition of the remaining
    49.999% ownership in California Pacific Utility Ventures LLC, which owns
    100% of the California Utility assets. APUC acquired the remaining
    49.999% interest from Emera Inc. ("Emera") through the issuance of 8.2
    million APUC common shares, 4.8 million of which were issued on December
    27, 2012, and the remaining 3.4 million shares issued on February 14,
    2013.

  *Subsequent to the end of the year, on January 1, 2013, an APUC subsidiary
    acquired the 109.5 MW contracted Shady Oaks wind powered generating
    station for total consideration of approximately US$148.9 million. The
    Shady Oaks wind power facility is located in Northern Illinois,
    approximately 80 km west of Chicago, Illinois and reached commercial
    operation in June 2012.

  *Additionally, on February 11, 2013, an APUC subsidiary entered into an
    agreement to assume the rights to purchase the assets of New England Gas
    Company from an affiliate of Southern Union Company. New England Gas
    Company is a natural gas distribution utility serving over 50,000
    customers in Massachusetts. The acquisition is subject to certain
    approvals and conditions, including state and federal regulatory approval,
    and is expected to close in the second half of 2013. Total consideration
    for the utility asset purchase is approximately U.S. $74 million, subject
    to working capital and closing adjustments.

Corporate Highlights:

  *In 2012, pursuant to the Strategic Investment Agreement with Emera, APUC
    issued a total of 26.4 million shares for cash and share proceeds of
    $142.6 million as a result of the exercise of subscription receipts issued
    for certain previously announced transactions.Subsequent to the end of
    the year, APUC issued an additional 11.2 million shares to Emera pursuant
    to subscription agreements. As a result, Emera owns 46.1 million APUC
    common shares representing approximately 23% of the total outstanding
    common shares of the Company. On February 22, 2013, APUC announced that
    Emera agreed to subscribe to 3.96 million common shares of APUC at a price
    of $7.40 per share for total proceeds of approximately $29 million. The
    conversion of these subscription receipts will bring Emera's total
    investment in APUC to 24.5%.

  *On November 9, 2012, APUC issued 4.8 million cumulative rate reset
    preferred shares, Series A at a price of $25 per share for aggregate gross
    proceeds of $120 million. The shares yield 4.5% annually for the initial
    six year period.

  *On November 19, 2012, APUC entered into an agreement for a $30.0 million
    senior unsecured revolving credit facility with a Canadian chartered bank.
    The credit facility will be used for general corporate purposes and has a
    maturity date of November 19, 2015.

"We concluded 2012 having exceeded our expectations from a strategic growth
perspective in both our regulated and non-regulated utilities businesses",
commented Ian Robertson, Chief Executive Officer of APUC. "We have
successfully integrated the newly acquired regulated and non-regulated utility
assets in the United States and we further advanced our power development
portfolio throughout the past year. Our priority for 2013 is to continue to
build on the growth momentum we have experienced over the past few years. We
are focused on new developments and acquisitions in our business, growing cash
flow and further strengthening our stable base of earnings."

APUC's supplemental information is available on the web site at
www.algonquinpowerandutilities.com by using the Quarterly Reports link in the
Top Links section of the home page.

APUC will hold an earnings conference call at 10:00 a.m. eastern time on
Friday, March 15, 2013, hosted by Chief Executive Officer, Ian Robertson and
Chief Financial Officer, David Bronicheski.

Conference call details are as follows:
Date: Friday, March 15, 2013
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-877-974-0445 or Local
416-644-3415.

For those unable to attend the live call, a digital recording will be
available for replay two hours after the call by dialing 1-877-289-8525 or
416-640-1917 access code 4600256# from March 15, 2013 until March 29, 2013.

About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified$3.0
billionportfolio of regulated and non-regulated utilities inNorth America.
The company's regulated utility business is committed to provide water,
electricity and natural gas utility services to over 465,000 customers through
a nationwide portfolio of regulated generation, transmission and distribution
utility systems. The company's non-regulated electric generation subsidiary
owns or has interests in renewable energy and thermal energy facilities
representing more than 1,100 MW of installed capacity. Algonquin Power &
Utilities Corp. delivers continuing growth through an expanding pipeline of
renewable power and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities. Common
shares and preferred shares are traded on the Toronto Stock Exchange under the
symbols AQN and AQN.PR.A respectively. Visit Algonquin Power and Utilities
atwww.AlgonquinPowerandUtilities.comand follow us on Twitter@AQN_Utilities.

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.

SOURCE Algonquin Power & Utilities Corp.

Contact:

Kelly Castledine
Algonquin Power & Utilities Corp.
2845 Bristol Circle, Oakville, Ontario, L6H 7H7
Telephone: (905) 465-4500
Website:www.AlgonquinPowerandUtilities.com
Twitter@AQN_Utilities