Algonquin Power & Utilities (AQN) 13 Nov 202020 Q3 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the Algonquin Power & Utilities Corp. 2020 Third Quarter Earnings Conference Call.

As a reminder, all participants are in listen-only mode and the conference is being recorded. will opportunity there ask presentation, the be to an questions. After Algonquin to I President conference of Corp. would Instructions] turn of & now Relations Vice [Operator Tsang, like the Utilities Amelia over Investor Power to go Please ahead.

our joining Kacprzak, call this the a Thank have Presenting My this Executive Chief Norman, third for are us and Chief for of Officer. today morning algonquinpowerandutilities.com. of Officer; Amelia is Arthur presentation Power earnings our morning, webcast on Tsang be supplemental accompany our you. Utilities will conference for Financial our on the for our Algonquin call. call Investor our Officer. question-and-answer Vice today, Johnston, our everyone, President Good Banskota, earnings thanks Also President joining and Development website, Officer; Operating Johnny quarter the us we name XXXX the Chief available Jeff Corp. and morning & Arun I'm Relations Chief call To and

statements Our on as EDGAR. and and also on SEDAR as available analysis the website are well financial discussion and management

we future call, expenditures well certain but would COVID-XX. the forward-looking as limited future including to expectations that our remind the capital discussion will during information continuing Before not our impacts of to include earnings you and the regarding call like potential as

opportunity these Please provide on call call, will and on important update participate. measures. your will EDGAR and a strategic financial lines notice and Arthur read ask We results, then for our that will forward-looking restrict our with items. the for questions We’ll MD&A open you refer also have Arun this two end and on achievements QX On filed an other strategic morning, re-queue, refer website for additional to most certain to will Arun recent non-GAAP will any non-GAAP if additional I SEDAR the overview I then of questions, you financial regarding follow conclude for plans financial measures, to business. available our to and information this XXXX, to questions with the the an on at of information and our then both, allow the also QX and

over Chris turn we to fare progress well make Arun our Chris? in we QX, to will Before discuss Jarratt to remarks. have some

Great. Thanks, Amelia.

formal a Before the few say the analysts start on we investors are just to the who part like words I'd all of call. and this presentation,

retiring these will last at As and previously of today the the this be calls. be announced, on be I'll I month, will end time

I'm rich billion as proud strategy, successful long-term we $XX I've performance an of company the a company, recognized customers be with asset of long-term being have serving As store companies in are of growth you journey of most the co-founder past from room of tell it's above XX single a investors of a incredible organization, had convenience employees, our honor office and world. accomplishments a incredibly part of and to our I the today. a sustainable success the for been the to which years. of growing our XX one financial years

in that believe continued any I initiative. the going organization Algonquin's and succession that positioned an be knows, for organization succession to everybody ongoing inevitable, forward. As needs it honestly leadership has therefore, is success

years throughout simply employees of of been this committed the but historically and I'm the must directors strengthened. talented many individuals of lastly, front these probably so on seen organization. of also existing as role team as past that been my where over I'm will organization, success contributing has vital be have I'm their ideas, and the building CEO, energy strategy, our significantly executing to of have well center are and And successful without more wish expanded investors and involvement. new XX the importantly, and the we as new contributions while And that and who've proud new new the to leaving been as analysts that be and senior In their leadership extremely Many the to leadership immense, at teammates, the you thankful today our skills. supremely have Company addition role generation contributions not I Algonquin and of organization confident had not have them been best. would this will Arun to transitioning the acknowledge them to I recruiting also

quarterly quarter, long-term Arun So to an pass interested calls I'll be this and next I'm extremely going over other these shareholder, is of to Arun? end the at now.

good and the able to who've call and Chris, join you, those on online. to been Thank morning us

stable model we of disruptions $X.XX and compared had reporting business with third the quarter a the that share global pleased net strong delivered diversified pandemic, per adjusted Our results, to due I'm earnings QX year. share last among per $X.XX

business services mission-critical customers. and providing our Looking water group, at a are services energy to regulated our we

well, standpoint from perform financial and as to continue we both of operational impacts the through We navigate a COVID-XX.

has the pandemic uninterrupted the to onset compromising of Given without our since the utility able on model, safety quality and services business those the been resiliency services. Company of provide the of

decreases bringing adjusted the customer some and of effect our by of As impacting year-to-date net expected, COVID the utilities, to patterns per given in quarter EPS we third $X.XX customers, of have and demand share. consumes seen moderate our $X.XX our in changing some across

able long-term implementing have the of strategies at $XX generation energy We with these on under provided profit generation by have Arthur had of decline committed cost we with credit-worthy will social counterparties. the naturally above already savings, million share the and distancing operating energy contracts that our provide renewable lion's to our more been renewable Operations have facilities in year-to-date for supported the commentary containment million $XX offset year. impacts. financial

to of continue spend benefit we experienced will now far XXXX. efforts of COVID-XX strong, focus progress not each from of call, pleased this Overall, like I'm negative our confident I a made and bit Since updates operations. growth, model quarterly pillar. We have from we've to for with business operational impact the last sustainability. side to any continuing I'm and with and resilient APUC's have that our we been so year, time the to excellence on strategic pillars: three would our remainder diversified

a history adding you Algonquin well are and our this of growth, and shareholders. as committed know, to strong has value trajectory we Firstly, to continuing growth

large the XXX,XXX During and came the our utility by lowest American country with and growth America, in good in of looked Chile multiple rates North We long announced to was acquisition water highest of GDP company, utility connections. considerably on remain was ESA. when ESA, North we quarter, Latin international We we customer it the and and first in outside energy looking at water hard of a feel Chile The at increases risks transaction water footprint. about attractive America. Algonquin's and very investing one completed approximately

week, acquisition in its have of true Ascendant, we Bermuda may owned last Bermuda. is also which you Limited seen completed Electric subsidiary, electric wholly Company sole utility Light the As the

their footprint, energy Algonquin acquisitions connections now X.X having million completion XXth people million utility to With homes. With have the customer and an mark to the we BELCO milestone. that acquisitions, essential we provide estimated a and XXth over ESA respectively. the regulated our which achieved within from this significant of our and regulated means services benefit water X proud say I'm that

beat technology acquisitions, recent very of social first bring our we and firmly I family, delivery remain on but integrating to set next of sustainability has skill just the including and Not laser of in, broader additions of And From track major discussed. pleased ESA on focus interacting month. sustainability does now in on we that to experience FEC about issues. nature. strong report Algonquin and this having areas. improving By are excellence, the we earliest inclusion all and the our have and day-to-day in to drive energy underpinned we're in fantastic a service missing how closing on making worth, We provides a days values which on of progress I to investors. on injury in is XXXX focus. our even strategy to our in renewable record good think, with our program. to this were We with between releases and finally, and outlining have released XXXX than share aim year. business time utilities a I'm Moving of operations. environment investments to goals. specialized operational and delivering generation That's We hours report six sustainability so pleased them level day-to-day payment of of making QX the quarter, procurement, our ESG and as X part that become to to that on do communities, priority only takes a virtue driving governance track of are BELCO sustainability customer-first million M&A it of able performance bring water that our report and The our to in its order is without the higher through including platform, ingrained customers. our why well, all was celebrate our more essential act more we a years metrics improvement is out focus releases without achievement. value last in a number real learnings same the company's seamlessly, employee that for our our customer consistent In around key our business the nine of and history, the in operate. are a We our do our our disclosure customers a in this progress we services Massachusetts acquisitions committed rolled in corporate QX, lost improvements To environmental, they for leadership our detail

SSX new the as our XXXX third-party Another includes COPX and emissions addition verification emissions and of emissions such inventory. information of enhancement

This out will intersect our assessment issue TCFD the shareholders. climate Financial change we to in force climate-related will XXXX targeting how task considerations to on are guidelines climate-related to financial Stability and QX. our and with the our first We our with serve aligned Board's alignment lay value communities in disclosure be report proposition

Later major pass With acknowledge are with will group representative financial leaders emissions our for provide respect proud of an I our it with QX among call, COX update revenue. I'll We Arthur? our are Arthur that to for that, to of this on a XXXX results. to review to intensity peer projects. we capital over also respect the dollar of XXXX

everyone. performed pandemic. good operations Thank you, In Arun, of the our XXXX, quarter COVID-XX morning, third well the amid business and

and the realized new which the up Our offset third we quarter group customer from which with a of from million, basis is Higher rates facilities The quarter Bay costs. offset reported XXXX delivered same compares adjusted development the last regulated which X% and $XXX.X increase HLBV approximately group the during in in $XX.X the decreased solar million energy The well wind quarter, The the in to production to year of partially has operating consolidated EBITDA non lower the impacts as current renewable was is COVID-XX. year. of and QX by profit million, our the operating divisional $XXX.X due million in been services line year. operating of $XX.X previous profit last addition the reported by as of implementation capitalized on overall was million. million primarily at in facility savings was $XXX.X Great cost $XXX.X income two demand quarter

guidance year share $X.XX. Our and which last per earnings of came $X.XX, between range at QX in $X.XX our and reported adjusted to compares was above net $X.XX

the credits delay partially in COVID-XX. the Our renewable earned of and generation by impacts results offset from projects, impacted closing the during savings quarter positively of our were by implemented cost but were and the BELCO tax

like to a updates the Now quarter. more provide we'd few for financial

COVID-XX bit more First, a from impacts the pandemic. financial detail on

year. profit As same impacted has first for services demand the reductions This an million in $X.X as the resulting period to months of mentioned, decreased due from operating the quarter estimated last and load experienced by nine the to COVID-XX. year million compared regulated $XX group divisional the

economy, has We on consumption impacts the peaks to from reopen. of early to begun seen the start have patterns ease the

to be recovery all in orders seeking track XX date, COVID-XX, impacts of continues approved its impacts. have we'll have regulatory of mechanisms group to To or our track and place services these accounting the jurisdictions regulated to Our related incremental regulatory in already jurisdictions.

quarter. basis, pandemic cost to on in I'm we we pleased previously, by implementing the year-to-date to discussed $X and strategies to of in as the in savings demand weather. report $XX containment fourth million expect caused Second, response cost decreases and million the unfavorable that achieve reductions to further million achieved $XX a approximately began

however, we on expenses, course, possible, taking reliability like of also safety, Some occurring operating as measures reductions focus driving of services through compromising lower our the where and on comes to recur increasing efficiencies provide capital work. the expenses without procurement naturally, are travel and This, proactive to of customers. security such

the continues be placed credits the we projects from investor complement by quarter, associated monetization to finance. economics as to accrued of year. energy expected our to equity about that credits, in projects million during self be with approximately tax attributes, during Third, of renewable the tax ongoing opportunistically spoken or past strategy $XX energy optimize renewable have days, The or prudently have at tax a our either utilizing in available we tax place which have to service external an

sheet. Now turning the to over balance

put prudent U.S. be capital federal to this with for within we disruption in wave the the our gross for equity the year. offering it needs for potential equity markets we $XXX solve completed proceeds felt and COVID, completing in of the this of second us position would the successfully by elections, Early a next pending of for million. quarter, accomplished year strength Given an total and

core liquidity unsecured attractive coupon a finance $XXX the sustainability, on other our of and us metrics. our used business. wind green end be both million balance Considering XXXX. the XX-year senior plan proceeds leaving have and now our X.XX%. flat operations, cash combined on billion regulated our In market with balance with debt with the billion On We of Algonquin sides to the qualified as positioning an offering sheet, an our Liberty of to $X.X execute to of energy to side, has both over U.S. and BBB over notes offerings, on equity maintain investment-grade renewable our commitment in available predictable the now line financings green remains positioned projects green sheet to of $X completed capital the Utilities its XXXA credit of investments. bond keeping well debt five-year it with continue flows When through our from on into issued Algonquin with value

program provided on over experienced provide brief our uncontrollable Arun, we Before unforeseen including like a to COVID-XX unfavorable the turning quarter already and million This we a previously with earnings worked pandemic, tracking I'd for offset the weather as the we committed delay first these that We of some is fourth items, to several exceeding $XX to are how things to to. close of BELCO the to guidance. impacts update quarter. year, the cost savings

While to and Based of our back around lower actual Arun year that, future $X.XX EPS remain hand uncertain. our to most finish to XXXX guidance will adjusted With assumptions, on recently the over $X.XX. the issued future to outlook. results certain expect of the to discuss things results the date I end we

Thanks, Arthur.

We BELCO the our fact, set an exceed We lines $X.X question-and-answer them into plan accretive our ESA. utilities update of committed Algonquin record period. our remain regulated the our skill that recently track Before of end Newer open to levers very close prepared record for the our Water acquisitions, to a services We a expected we remain XXXX. growth in then successful and And our give have strong is acquisition have announced many to XXXX. different two And of in specialized and We'll newly investments capital track integrating group, initiatives. of completed acquiring In American want of at the we in with with family. out ESA. morning, through close disposal. on track growth the five-year billion comments for plan this I our to

of in contribute have that customer areas our existing we operations our year. addition, tuck-in opportunities each growth to smaller In organic

over have All the of allowed our customer reach these milestone acquisitions us connections. years X million to latest of

we for is lever growth, we Midwest initiatives, energy savings underway, our of of as Another be where fleet Bermuda. will in in low-carbon plan, and transition customer continues look including greening opportunities our to construction similar to the

expect also we I we program updates. a execute growth with investments group, improve safety wanted provide couple to base rate our our history ability growth we our and largest strong many In and energy have from on infrastructure. of realize addition, including you our our Company's reliability the In levers, organic as to renewable construction to of the in project

plan. under to further the energy quarter, Illinois wind construction. Creek Southern time, Sugar projects located approximately in to facility full megawatts Midwest savings I'm Creek expected pleased located. total in year-end, renewable infrastructure the we has and megawatts Bay consists have renewable on the facility global lost major circumstances of COVID-XX Sugar to megawatts XXX Great commercial injuries, of by service solar achieved from energy Our projects Wind jurisdictions the have facility XXXX. end Maryland a proceeded time construction two the customer be and are placed which extraordinary with essential under with that that nearly of of megawatts Wind the XXX including be the the been The At we time service they project throughout operations. of completed placed and are budget capacity last XXX pandemic report considered therefore, in had the Since in despite has construction XX in turbines XXX located a no X,XXX And our pandemic. surrounding in both all megawatts

sustainability XXX Texas that growth leads Mills significant Our being like focus lever This important in Maverick own well development, advancing their Kimberly efficiently The where the very looking and touch high-quality space and on of they well, greenfield turbines in XXX-megawatt positioned XXX sites Clark. C&I greenfield buyers the goals. supporting lever customers advance energy remains located with to through are our general allows on to process. with another those identify as achieve growth Algonquin sites our long-term installed which to development the I'd is renewable wind as project main growth is and are to last of

customers. and Our Investor investment discussing continue build from foundation December bring Day. services excellence, ability with of to These would as in plan robust be will Day and highlight in to pipeline strategic year. operational group to on And on to for with more produced excellence our high three and strategies, before maximizing a to execute energy of upcoming hosting line will our I that goals, capital that regulated be described execute open sustainability five-year we we while well Monday, our multiple by look to a value our Algonquin our detail development and in shareholders. XX. provide growth year of we group a Analyst our We positioned and growth staff key after annual on greenfield virtual development to long-term and business summary, continue Investor sustainability questions, peers a to like behalf year's restrictions, this COVID-XX continue Day we be levers our I've pursuing renewable on our both our in And tools forward projects Investor our our confidence investors In the growth event. has differentiate and operational of that pillars guided at us remain will

the to questions investment our to and for APAC. virtually. join be the operations, As on those team hear growth any update for be I us community will We the to opportunity an future from key that, strategic members direction With over the providing hope for able of line. the from you'll plans on operator the call turn we always, leadership will

Thank you.

question Our Securities. will We from TD of [Operator question-and-answer Sean the session. Instructions] Stewart begin now first comes

And the of discuss A the of this acquisition in York I'm more in around Water? York questions. legislation if might detail. how American affect wondering New thinking proposed Arun, New can the couple you

obviously So, and we to essential the New a At end utilities are that bill the services from to penalties Water, this we we're water and through fines the this are and go engaging conclusion in response has and There's response the day, in of believe recently end first legislation provision our primarily forward in emergency still provide other a storm on that towards at confident commission study our come increased we We we the the all digging stakeholders kind transaction stakeholders with state it's glance, details. looking and utilities. the debate also the process. of for from lot in currently. the of of also regulated the out, to welcome public on end impose day, and positioned to as close the the state. those into best perspective, with municipalization. the very for remain discussion. able look, that At There's York a engaged this we And the can remain is of be customers commission the will of we XXXX, we American and provisions

Okay.

quarter up the for gauge and that PTCs forward, trying is think wrapped give to item which to question credit as next early just going And related into of tax Arthur. us Second projects this and QX should were I about year how The tailwind well? Can sense in a maybe that guess, we you line number? ITCs.

sure. Yes,

equity. So in really some of of of think XXXX project, projects complement Investor as maybe a be and mentioned energy a the we our of coming little maximum this exercise you think sub-monetization a we of can about complement context value on bit back about our Day. tax out sub-monetization it provide renewable to to useful how But might as

it, only But know, think the in service sequentially. fully projects wind So tax about at not have you if our projects, service, all equity are you commissioned. funds -- but for once, example, projects all on whenever placed the wind been as replacement

funded. couple lag tax get of actually tax equity we and one a starts first to between generating about turbine when commissioned credits months the So gets there's typically could

credits. perfect of actually internal that's some and able to tax those tax to for opportunity appetite be use a So us and monetize our of some

of most cost There's equity tax that efficient places use monetization equity. we the a maybe self tax be certainly projects arranging use. choice benefit other where not or may is to The

projects So will equity cost bit monetize. little or maybe smaller again, self we tax where some at potentially a look maybe projects to as see of look being we the higher we

So this the it'd to wind them, mean, terms I year we commissioning if question, are to it's you of projects, gigawatts a responsive because be say basically we're projects, that in bit total the of all little about about of your of in think X.X renewables. commissioning

there's of PTCs. monetize also this of opportunity that a were a well. solar year So lot But as to have we monetized couple projects

from comes Capital Nelson question Please next of Markets. Ng RBC Our go ahead.

My first question -- relates difference at pursue be anything are to capital the doing Company this Company you that terms there question Chilean be Water the acquisition. the -- in Will like didn't will you is, of projects any to situation the now you rate on revisit? that to can that translates And all you're that Chile that and finally, And opens investment? just expected how any how comment your opportunities? base up in growth potential for looking drought

Nelson. Sure.

was of lot We finally, that country very, connections. country price of long became very when looked primarily, really America because we hired this transaction, like we are opportunity the come transaction very Water it companies, and a a and look, compelling. significant And analysis So we did very a transaction. lot stable environment. low Chile risk, So regulatory has remain utilities risk not easy is to risk. Water right? solid really Energy this by, the a available, strong number on things around as and there's North country about customer obviously, of

in acquire through overall set, is of of believe, we're and and utilities. skill we to ability and integrating terms in our And one that, that's So confident special into operational going excellence. we integrate now a are mix right our ESA our process

committed addition on our in plan, plan, remain an ESA of plan. billion would, top investment five-year billion our In terms capital be capital affects we of how $X.X that $X.X to fact, that and

solar give this terms terms of in just Okay. development your might terms in side the guess, qualified much have then pipeline, -- on of to potential renewable And future But projects? of you just, an and ITC update your be development wind how terms to Investor can qualified turbines of in PTC in preview equipment I fund a opportunities Day. you

securing have of Yes. Hi, as and years Nelson, identifying it's equipment. been terms in we Jeff. for active, know, And qualified you very PTC

secured the transferred safe when about out harbor of we're what in the transformer effort fund and that to to past last back doing process, lot program are PTC seeing a we the year we've XXX% million XXXX securing we the for constructive, $XX pipeline year we Going of five-year of in and have our now be worth this of before that between done -- and we all in year-end. process in have we'll equipment what

what's tax of potential government? secured? And does potential extension you credits on a any thoughts your potentially Biden like have Okay. help might from already And what hurt that or

Yes.

used using them as clearly whether be be I the think big use we're be it's what, just going although whether for too should projects benefit will do, soon of qualification the no transformers renewables critical a or component government building. way as good a to is of them those what that is we we qualification matter use chunk going tell transformers Biden to to for our in one or The another. of

downside. of no but lots see we upside, So,

from comes go Please question Raymond David ahead. next of James. Our Quezada

you My with could in are the if rates if in question on or before just update for you go of go there? if us have appeal to you provide here, first think wondering where mention, you thoughts an And Missouri? in an the you the now through the any update could Missouri; you recent back with rate time just appeal maybe order

you, David. Thank Yes.

going a will against the we to for that be have we stands will we thickness is through decision. in in of of with next obviously one Missouri. our given that in That that was probably is believe and XXXX case a rate strong that equity appealed know, obviously you larger have look where us. process, appealed as things equity So we the we case, have which at I thickness, terms timing the sometime and mean,

Okay. Great, maybe just on thank you for another cost that. And question then savings.

any well exceed anything to to? that bucket drove pace is target it there, point and looks that, your like you're particular quite on materially could done You've you that

with doing But you add the has million Yes. because work Maybe all I if We save this broken forth. next think basically One, XX and to team between year, with travel his so $XX savings. this would saved another of probably start lower to about anyway, one, are mean, cost I'll about about buckets. far John let the as been all finding think kind hard into think I'll saved we've off maybe so naturally X savings, cost respect the expenses expenses year. down and have it looking that and been our three about somewhere

The is so deferrals, maybe and the processes open where deploy last really whether as and we forth. really efficiencies, cetera. other one look holding positions to our capital, hard bucket of et bit a such a trying procurement looking at looking at taking is And and find

savings from. So, those cost buckets it's three that really those come

John, you want to add some color?

ways, huge already visibility the Yes, first of that other could some we getting sort of more rest of thank add quarter, counteract the the the that mobilizing think I to a in were not weather through how than In was amount maybe we you David. had challenges year. with we

And pretty the of I coming covered off year? we see team that. in, kick rest focus early are of for we've COVID where really to the really just from the you unturned leave think well. I making of start an that But can the through I didn't savings after across we any think so the And got stone buckets sure the started increased the the as guess results

Dumoulin-Smith America. of from Please question go next Bank Our comes of ahead. Julien

is it about bit trajectory trying translate of perhaps guys that and it. Thanks but to CapEx here, Because time we've as Chris. alluded about even for I are opportunity. outlook. to XXXX it the an some confidently too. very to And does trajectory get to a apologize, you to that about back Day again, talked about about off implications, want trajectory talk you I I had understand growth you've around I year? Obviously, How you just earnings how potentially challenges the to little you preview to and that know think guys you just guys more, sounds the wanted the and thinking basis, everything the here. relative have thoughts last that the talk around hearing How as growth and Analyst a that thinking XX% $X.XX? to a X% the reaffirming about CapEx corner like just you're despite you earnings congrats, then

X, Yes, any that Julien, case. but you'd was downsides Day, hoping you mean, we I not BELCO, but was weather, a COVID year Investor was ask of really And Look, me in really statutory by close totally March that like yes, preview requirement this a especially assumption. question this let me were during onetime and there to COVID our and faced part give I there anticipated. on

so certainly delay financials. the impacted And the

Investor to believe confident remain five-year to -- be we CAGR was back to again, to the we to what forward a we'll the that I what Day. market we we're provided And going X% more providing is able details However, look bounce a during and growth, XX% in be lot XXXX.

that, perhaps on follow-up If I a can term. little bit Absolutely. nearer

about a not XX base trajectory back in trajectory, think that savings you able second should alluded you here. in to think the the found X% obviously, ago, cost to the achieve in of to of just in that a there's new some the 'XX half still we being about XXXX, lot 'XX, the year factors of including XX%, moving As

CAGR a on guidance as and 'XX, those into still curious efforts now if for far So of how 'XX good proxy sustainability ultimately, for the should be the as goes? just implied

stay would analysis a alluded, savings. in say, that would growth. parts lot X% I moving CAGR Julian, I cost to different For XX% of now, you like of with still Obviously, that

We on of we be going to to those all Investor we're again, part track Day. are getting in all you the dirty look And But that that, with also -- is of believe back not XXXX. ESA, forward plan. acquired we five-year during of details which providing the

it. Got

of the So at points, like it that. sounds incremental saying given perhaps you're some least

what is would say, range that Within I Julien.

Our Rob Scotiabank. of Hope go next question from Please ahead. comes

of your kind on seen own It own to potential Aegis balance of purchased organization We've international looks you have of the do in renewables fit ESSAL and about the are on of kind does structure to balance was you just now have you facilitate international this start you international some thinking the like on option Atlantica growth? Aegis. may How an your some buy sheet. to strategy. rest structures, How sheet. your you Maybe -- the into currently?

Thanks, Great question. Rob. Sure.

North enlarge, Atlantica, utilities all with XX and in very to and assets do by long-term of plan mine So regulated life years. our I right. We're strong mean, very we through weighted Algonquin, American business happy average investment with

that infrastructures. of we the -- those long-term nature And like so

sense versus Algonquin And comes basis that operate after we to it non-regulated so international a at on really case-by-case go to it it whether more as makes for assets, and to look it Atlantica. when

if it may non-regulated Atlantica a American clear business Algonquin. personas, absolutely. of under than case-by-case really believe By North outside and in other we So formula, or I good but all not don't absolute a decision. answer and know hospices an that that to it's and see position you of But be be a large, there's anything America that regulated will not. North but the becomes

then cash Day on of of Perfect. tax question, of or future savings? you'll essence, benefits? about potentially Will kind just tax looks then in Investor that million but the think tax the outperform future So expenses? tax be at in of XXXX gave guidance at right. original how And it circling are you realizing expense All essence, And that, 'XX we QX? like in your incremental should back kind tax realized $XX those you, those the

Yes. Sure.

in will is what I savings of call have in This I terms some -- where service no. monetize be I the take maybe us. shifting service. is say, the the was it tax, that tax $XX our, for bigger projects mean been we in But essence, mean, a is shift. it will year assets, or is mean, certainly would the it, true get I first to yes. be answer placed of to course, year, So this year. That placed question, certainly, in million to that apply question going there of tax you the

not So future was liability I'm we're like it shifting question, sure on not years. if equivalent correctly. down I our tax That basis, followed to it's your

ahead. comes go Merer question of next Please Rupert National Bank. Our from

your at success on Chris, Algonquin. retirement Congratulations, and

Thanks, Great. Rupert.

Aegis. any could Sugar we ownership going follow-up changes believe I with think on that start in acquired Abengoa Aegis. I forward? now How if completed? should with just Creek about And to your a there -- Maybe partnership by are it's a the was that it

project been projects under solar that development Colombia in the a last they first with in America been coming it's pay as in that's most despite effective Look, and its Abengoa that the knowledge not solar in they us. a The projects operations other commercial are umbrella, Rupert. has knows partner, that year, series into has challenges has vehicle are vehicle development, there's it that right? the of QX. following. of including so challenging be Aegis market greenfield Spain. consequently, sure, under admit going I Latin projects XX-megawatt with been that construction But are for will And to there I has through, other our pretty Yes, for whole a partner, Abengoa a restructuring that, development mean, Aegis the challenging public us. a pipeline that

Aegis, some on you the what it interest in development if are the in of implications in have future? projects do what like So in -- could out just does And Aegis? the look that the you what buy other Abengoa's

I think will pipeline. turning so much be development we more Aegis into international

North regulated supposed strong first will to be very, pipeline on America. be projects, vehicle. has front, it, team development but to what effective that and not in covers that have Aegis that and America. it We to create to similar more of robust a we extremely in have reposition would look we been it, admit that again, strengthen much the was development And always very a we everything North

America, about non-regulated will assets level? your and North at business comments that the the earlier images in development we anticipate held would projects Algonquin be on ultimately Based

around is a with But Jeff, that? by that view those we assets. development whether operated and that be in is do vehicle, America anything again, projects to operated is by I will whether regulated add be owned Algonquin. you actually everything are and everything the don't have, to our right? is that want Aegis And North Algonquin, international and development more know, held Where be that choice Atlantica. enlarge, with question

that we the within an maybe BELCO be XX%, think acquiring construction number other had maintains that fully will asked an we've I option XXX% option we and project remaining construction about anticipate share I to buy that we of completed thing, the Rupert, option do add projects, and out now is only maintain the Algonquin. like of Creek our might on a ownership you

farms. just CSP quickly then wind Great. And the on

soon. the and those service reported When accounting your Can you impact what what You've hit and quite us impact got some progressing CMD to remind of results? COD the on be will may plant be?

by certainly going that be our online material should despite are of year. have to supply But confident any remain Much global not of by challenged that end be coming there COVID-XX, this the With been delays. with we that, issues. we chain

project QX next of the side, to to get them able we in of that the of some the be delays So in online and year. we're to all U.S. turbines to remain getting experienced confident going that

Capital next ahead. Jarvi CIBC go of Our question Mark from Markets. comes Please

And happy Retirement, Chris.

for to to go his What take income And occurring in maybe, get investments around maybe early Previously, is midyear. to Just to Or just was think, the accounting. client recovery the following start Arthur, the for you just at base I question question. recovery? file Is around to of year rate up in Empire regulatory on try guys Rupert's still the back the do year-end a service? in plan once sometime that wind then plan? services the they're HLBV

this Johnny I'm going one. to maybe color it Mark, to more on turn start Sure. for over and

back for And put So Missouri. you gives flexibility fact, give us come as plant in service. on for the PSA, terms go in to accounting, ESA rate into ability some we rig a which base does it more when rate elected as to us in in our have of case know, service we plants to, exactly a

want you color with that, So that? to do more add Johnny, to

Yes.

the the So as the they that service. effectively next at able case, live, go rate go from plants we're depreciation into XX% the true-up dates of

rate year next operational. case plants the file to think our you've I heard, are -- as early next once looking So next

in And so, we'll go service in fully of see them rates they as XXXX. represented sort in

there on little will a in bit recovery regulatory So, some lag be earnings.

into So to be of track new to it, be have able the rates I'd XXXX, soon they majority up. we'll say will service, go picked as guess, of to ultimately able rate account that true-up post effective is the we're I the XX% but case. effectively, as in regulatory a lag

contributions? is any And comment there on-site

recognizing start it out as to they able sheet. our be We'll are balance

investments give Investor a of you'll Day, then time fulsome And with there Okay. implementation to more in update in IRP Is and you sort maybe of bit of of ground share investments is that? the moving but terms incremental XXXX, for at hit can grow incremental and anything is running terms closed, bit the guys start a the line and off the BELCO. a or to us see BELCO from it rate base at now it little of you'll

I, Rupert, that question. Yes. thanks for

transaction. the closed you As we know, just

level as we the one have as of was So not been the impacts COVID-XX, of would with robust has that engagement hoped.

would other like We're the investments fact, Johnny of to restarting In that at the from economy the some conversation. Obviously, earlier, and folks see just our Bermuda. came better. back of Bermuda

it some We much is a given of very that, fleet high of excited have island the with greening the as diesel We're initiatives. on the engine. cost that as about electricity a proposed generated well fact

So our bringing a fleet lot see scope for we of do initiatives.

XXXX to government, continue those we'll with interactions able and frame. hopefully, something structure the be We will in time the

Our ahead. Pham of next BMO. question comes go from Ben Please

a context on And bit to so you how recover? it that you Can plan provide spent far Bay? more on Granite you much

Sure.

just to lens some was and there with that in facility, But Bay, capacity went quite pipeline before. was a storage available that point, LNG at facility. became context, great not to there So some Granite you a pipeline we developing it give

-- we're -- customers looking the as we our for to for right the well. at that's do obviously, make best our So want investment

as pipeline basically have of Granite be same project. up we kind So that stood Bridge project formed going to original a with long-term the the it not is capacity

things to do of required a strengthen the some quite system, of pipelines, sort. think reliability there's the we to the be going investments Although of that bit of

want to if don't So or but it's we as do going believe that before. there's I add still know, room investment, some same to be that. John to anything the scope not Jeff, for

would us Arun, get of you've and creating position very turned our was meet to the a needs strong that negotiating through LNG I gave a job out that to of just that I supply being it what ultimately able the as benefit customers' additional of done customers. growing great pipeline add we how option, did summarizing to the think option Yes, the which

And and that so believe, are getting and that the physicians made, we creation to was the the positive investment with that value, we're and working was see value there. feedback created that they

the In addition in to, resiliency will to incremental put we facilitate investment capacity the need to from pipe.

more Okay. compete Can I I of should. I go back I and hope -- questions, some tax than to don't myself the the

a is becoming tax confirm time come tax going is investor they to to accruing investors that wanted ahead share yourself crew, up? is guidance because acute in. this basically of Or rate really before the attributes the around ahead corporate past tax is I your of Just related equity your tax

Yes, it equity becoming tax own is us investor. our

taxpayer a not taxpayer, are years a cash out. but cash currently being ourselves let few We do a

three some next it attributes could to them tax those two years. So be using ourselves see to some will taking extent, over We of the is that used.

becoming yourself have was you that And And the you outlook? an That tweak when CapEx makes do that always Okay. that plan? to that -- you're Is sense. Or -- in I your to also financing future? in confirm want monetizing investor.

around to are I it, there. the call do would it, say again that investments optimize equity tax opportunistically, we

is So form of long know when first our we've going the to thus -- the it's But some to extent, again, we tax it's funds. between because don't a and it extent, it's ultimately, going to think turbine opportunistically equity the kind be of some it, portion how what call plan. yes, back to lag commissioned about to

strategic use fluid, as asset. that bit a is of so a but And we little certainly that

in the as a a Investor Okay. tax When back, up XX% years And introduced a aggressively bit And X% in or few rate that you Day. to first the ad be bit maybe so. here. more last this up your round you could you moved mentioned

back this is accrual XX% Are going credits? forward? years two that that you is use to reasonable going or ago So X% of to a tax number still

Yes.

the year, didn't run down an if push in that attributes -- Investor self-monetize if I an end that near-term think think look guidance at we tax rate that does given the rate, in our Day still you the extent call rate you weren't the anything up we've year, I self-monetizing tax it, holds. next to on certainly, where at overall

go from comes Richard Sunderland next JP Morgan. of Our question ahead. Please

get that and on issues off Chile and acquisition, under going opportunities the starting specifically risks some had the assets environmental with first color around to that Maybe maybe curious forward? the ownership your have

Sure. Richard.

those onetime have occurred. our looked diligence, end, And the carefully. the some Are that mean of has the we of and around at due past able around So very of terms kinds those ESA the ESA. future. that of some Company has we strengthening that safety, reputation that and of the obviously, also not really that its was also that the are determination I in diligence due incur no get of made would our incidents are during back and did I there things impacted view incident reliability mean to rain that -- fixable. issues clearly, right, water what our happened we be on something by community in we broken? does is, And in make track fundamentally the the that within these culture sure ESA in spills security, a

out our get we confident that with are company that be And track. have to to so clearly our excellence feel operational we that we but cut able of work on going back culture

But Great. one-off earlier specifically, of year? policy appreciate updated around to growth just this on that ratio given payout thoughts going dividend the XXXX are how the impacts this that forward? briefly but certainly the And to then to, kind You the thinking touched think the about any you spoke elevated on outlook. dividend there about

Yes. Richard, it's Arthur.

that take maybe one. So to I'll try

bit ratio as kind and higher would than observation, business. say, maybe payout But well. maybe in So our peers U.S. peers some I a mind, our of your I of keep were mean, there one-third yes, Canadian is also our IPP

that So terms you an of return that mean we what our total I dividend Investor on as we're the maybe I'll view pure about shareholder growth with that the Day. in utility. dividend, a a provide. But the little maybe more talk leave today important with we'll of we is bit that part not certainly

Baydoun Securities. comes question Alliance Please of Industrial Naji go from next Our ahead.

those Just going cost back that you three sort maintain beyond? of much different can are you savings and to I the that you into savings the recurring would you How initiatives. Arthur, year a is of rate of buckets say appreciate coming of on or the details where sort from. think run provided next

holding But powder type some probably there's all of I on mean certainly That's I also said, but a built We've the costs. is. depends it question. not of kind a certainly normal it's new bit zero, what have in maybe little efficiencies. as

difficult it's of the into zero it see that going of call that I how not So, sustainable. could it's much next translate is mean, we've identified I terms certainly, think savings to year. But to be cost in

sort tell too? do are for But being looking a will be it play able target too how things And might early think that at out. maybe bit savings to Okay. you year to next other there you're of

that is about the Company, absolutely. something and have. but formula this EPS inputs something in how at with output look all and it's every savings I time, the all significant the excellence stone year, the is the mean something on Naji. that's about at given at you I one We're of that's can all that given impact And mean of looking answer, look COVID talked probably over delays we probably weather set turned especially levers always we operational we maximize with time. we a BELCO our the I was and that the

Okay.

the what have big remind you Empire And you rate just you you to us just year major can that Can rate next than for Okay. up are the complete case. remind of that other next some expect other year. coming think filings just year -- another us filings, I

to Johnny, do want that? take you

aware we've couple doubt And looking there's mean, no of case, filings they're as do biggest rate got probably of Empire we've case then in year the other the next our the is I rate a we're moment? we're Yes. you're to that filings smaller. but energy case at that rate got that North next middle the year,

things So Illinois gas case. like rate

I think big yes, one. So you've the got

one The is North energy coming other our big through case.

to session. I question-and-answer back like would Banskota turn concludes Mr. This for the over the closing to remarks. conference

for Thank With the for stay taking you, operator, call on you, everyone, our and our today. the that, on please time thank disclaimer. line

Thanks, Arun.

filed Our discussion certain MD&A uncertainties results risks by to future during not forward-looking historical impacts forward-looking available this in-service and and those from could limited information. materially the differ anticipated information. contains described including is but future cost website Including, based forward-looking our is potential results actual in certain assumptions, COVID-XX. information future our EDGAR future placed on SEDAR our or and dates savings, cause regarding that most and to, recent expectations of results potential earnings, subject to on and call on This

of any of beliefs, information prove this as date the as to disclaim such call information. be forward-looking actual not information the forward-looking opinions, forward-looking subsequent and assurance accurate, will information reliance based call to We required plans, to material during undue except as place Forward-looking only by forward-looking provided you expectations, obligation and on law. between update date. explain information, is this applicable on management be any today's or no of and assumptions of can events There the difference any projections, should speaks estimates,

from may this not consequently, financial There is profit. by used from adjusted or call, the certain method APUC's measures, comparable company. but EBITDA, earnings, and during referred adjusted adjusted not of adjusted measures standardized net non-GAAP financial these EPS, per to, of therefore, companies, other we including, adjusted they funds In be methods share may to course other limited divisional measures presented net earnings net addition, have similar non-GAAP measure may calculating such operating measures. of no differ by and to And operations

in measures to the both website. about EDGAR including of on available most measures, Canada reconciliation on For corresponding States recent our Thank and United GAAP you. to a in and non-GAAP more the SEDAR refer forward-looking measures information MD&A financial or non-GAAP please information our filed

concludes call. This conference today's

and pleasant Thank You your disconnect day. lines. have you a participating, may for