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Debt Financing Platforms Established • Financing platforms appropriate for each subsidiary are established • Straight forward execution and scalable • <strong>Corp</strong>orate level investment grade financings • Canadian Bond Indenture: • US Bond Indenture: • senior unsecured • included in Canadian bond index • incurrence based covenants • senior unsecured • permits US private placements and public bonds • now well established in US private placement market 16
Capital Structure December 2011 June 2012 Post Q2 Financings Long term liabilities $ 332,716 33.0% $ 399,406 35.0% $ 639,406 44.9% Convertible debentures 122,297 12.1% 62,390 5.5% 62,390 4.4% Total equity 552,695 54.8% 678,172 59.5% 723,172 50.8% $ 1,007,708 100.0% $ 1,139,968 100.0% $ 1,424,968 100.0% • AQN maintains an investment grade capital structure • Consolidated target 50% debt : 50% equity • AQN intends to convert final Series 3 CDs to equity in Q1 2013 • Conversion further improves financial flexibility 17
Page 2 and 3: Ian Robertson, CEO
Page 4 and 5: Uncertain Economic Backdrop Safe an
Page 6 and 7: Regulated vs. Non-Regulated Utiliti
Page 8 and 9: Strategy Development Objectives Rob
Page 10 and 11: 2013 Growth Plans Non-Regulated Uti
Page 12 and 13: Continuing the Trajectory • Separ
Page 14 and 15: Year in Review NOV DEC JAN FEB MAR
Page 18 and 19: Debt Maturity Ladder • No near te
Page 20 and 21: Tax Position Algonquin Power & Util
Page 22 and 23: The Year Ahead • AQN has proven a
Page 24 and 25: Questions
Page 26 and 27: Algonquin Power Today Rene ewable
Page 28 and 29: $1.2B Pipeline to Drive Growth Addi
Page 30 and 31: Portfolio Management Wind, Solar Re
Page 32 and 33: Operations Strategy Focus on Standa
Page 34 and 35: Portfolio Planning • Managing gro
Page 36 and 37: CAPEX Forecast (2013-2017) • Expe
Page 38 and 39: REC Sales Strategies • REC Sales
Page 40 and 41: Jeff Norman, Vice President, Projec
Page 42 and 43: Growth Strategy Focus Project Type
Page 44 and 45: Growth Considerations - 2012 Pipeli
Page 46 and 47: Recent Turbine Prices Source: Bolin
Page 48 and 49: PV Module Price Trend 48
Page 50 and 51: Charlie Ashman, Vice President, Tec
Page 52 and 53: Shale Gas Natural Gas Supply 52
Page 54 and 55: Recent U.S. Governmental Action •
Page 56 and 57: PV Highlights 2012 • Module is 50
Page 58 and 59: Wind Industry 2012 Trends Events
Page 60 and 61: Questions
Page 62 and 63: A Year of Achievements Liberty Util
Page 64 and 65: Expanding our Geographic Footprint
Page 66 and 67:
Issues Affecting our Utilities •
Page 68 and 69:
Success Model • Local • Respons
Page 70 and 71:
On Being Responsive • Focus on ma
Page 72 and 73:
We are Poised for Success • Prove
Page 74 and 75:
Regulatory Overview New Hampshire/3
Page 76 and 77:
Increased Earnings Certainty Mechan
Page 78 and 79:
Case Study: CalPeco 2013 Rate Case
Page 80 and 81:
Regulatory Strategy • Starts with
Page 82 and 83:
In Summary • Continued increased
Page 84 and 85:
Commodity Procurement Team • Aver
Page 86 and 87:
Core Obligation Sales & Marketing C
Page 88 and 89:
Daily Planning Forecast 24/7 Market
Page 90 and 91:
Natural Gas Portfolio • 17 Inters
Page 92 and 93:
Changing Supply Basins Alaska Macke
Page 94 and 95:
…Leads to Liberty Growth Opportun
Page 96 and 97:
Gerald Tremblay, Vice President, Fi
Page 98 and 99:
Capital Management Objective • Pr
Page 100 and 101:
Five Year Capital Plan by Region $
Page 102 and 103:
Other Organic Growth Opportunities
Page 104 and 105:
Consistent with our Growth Strategy
Page 106 and 107:
2011 Towards the Million Customers
Page 108 and 109:
2013 Towards the Million Customers
Page 110 and 111:
Questions
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