Algonquin Power & Utilities (AQN) is a Canadian holding company that owns and operates regulated utility systems, primarily in the U.S., under its Liberty Utilities brand. AQN distributes electricity, natural gas, and water/wastewater services to approximately 1.27 million customer connections across 13 U.S. states, as well as in Bermuda, Canada, and Chile. In January 2025, AQN completed the sale of its renewable energy business to focus entirely on regulated utilities. AQN also operates a small hydro segment consisting of 14 run-of-river hydroelectric facilities in Canada, selling power under long-term PPAs, though management has signaled interest in divesting this segment. Regulated utilities account for roughly 98% of revenue. AQN earns revenue by charging regulated rates set by state or provincial utility commissions using a cost-of-service model, which allows AQN to recover prudent operating costs plus an approved return on its rate base, which stood at approximately $7.8B at year-end 2024. Most commodity costs are passed through to customers, so AQN bears little commodity price risk. AQN's weighted average authorized ROE is approximately 9.2%, but its current earned ROE is estimated in the mid-5% range — closing this gap is management's central financial objective. Near-term growth is focused on rate case resolutions, cost reductions, and organic capital deployment, including $750M–$800M in approved transmission projects within Empire District Electric's service territory.