Algonquin Plots New T&D, Gas-Generation Projects for 2026

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

Following a steep loss in 2024, Algonquin reported companywide gains in 2025, fueled by an improved rate base.

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Staking a Path in the Midwest

Algonquin Power & Utilities Corporation, which services parts of the U.S. and Canada, saw a positive turnaround in 2025 after improved rates bolstered the company's bottom line. Industrial Info is tracking more than $1.5 billion worth of active and proposed projects from Algonquin and its main subsidiary, Liberty Utilities, more than $900 million of which is attributed to projects in the U.S. Midwest.

"New utility rates contributed $41.6 million of benefit from approved rate implementations across several gas, water and electric systems throughout the year," said Robert Stefani, the chief financial officer of Algonquin, in a quarterly earnings-related conference call, when discussing key drivers for 2025. "We saw $13.9 million of favorable weather, predominantly at our Empire Electric system."

Algonquin's Empire system is the focus of one of the company's most expansive proposals: a multi-year transmission and distribution (T&D) development in southern Missouri designed to add about 90 miles of new lines and rebuild or convert 79 miles of existing lines. Liberty Energy, a subsidiary of Algonquin, says the development will strengthen the Midwest power grid and support more reliable service for years to come.

The largest components of the plan include a 47-mile line from Monett to West Seneca, which sits on Missouri's border with Oklahoma; the line then would tie in with a 68-mile line proposed by American Electric Power Incorporated that would run to Delaware, Oklahoma.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant and Project databases can learn more about these projects--including capacities, investment values and necessary equipment--from detailed reports on the Missouri and Oklahoma portions. Subscribers can learn about other parts of the Empire system buildout from a detailed list of project reports.

By the Numbers

• More than $1.5 billion: Total investment value of projects from Algonquin, according to Industrial Info's project database
• $41.6 million: Total benefits from new utility rates for Algonquin throughout 2025
• $3.2 billion: Algonquin's capex plan through 2028

Stronger Base, Higher Capex

Roderick West, the chief executive officer of Algonquin, pointed to his company's $3.2 billion regulated capital-expenditure (capex) plan for 2026 through 2028, which he said is supported by an expected 5% to 6% compound annual growth in the company's rate base.

West also lauded recent legislative and regulatory developments across the company's service area: "Recent advances in Missouri, Arizona, New Hampshire and Oklahoma are further strengthening our regulatory frameworks with the adoption of future test years, CWIP [construction work in progress] for new gas generation, plant and service accounting, and consideration of formula rates."

Algonquin's new gas-generation developments include the ongoing construction of units 13 and 14 at a power station in Riverton, Kansas, which is expected to wrap up later this year. Together, the units are expected to bring another 30 megawatts (MW) of gas-fired power generation to the 268-MW facility. Subscribers can learn more from a plant profile and detailed project report.

Liberty Power, a Canadian-based subsidiary of Algonquin, is seeking permits for the Brentwood Battery Energy Storage System (BESS) in New Lowell, Ontario. The stand-alone system would connect with Hydro One's transmission system to provide energy storage for Ontario's Independent Electricity System Operator (IESO). Subscribers can learn more about the BESS from a detailed project report.

Algonquin's capital expenditures totaled about $603.5 million for full-year 2025, compared with $757.2 million for 2024. Executives attributed the decrease largely to the company's integrated customer solution platform, which was largely completed by the end of 2024.

Net earnings for the company totaled $170.3 million for 2025, compared with a $1.39 billion net loss for 2024. The steep losses in 2024 were attributed largely to the discontinuation of a major solar project.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for active and proposed projects from Algonquin.

Subscribers can click here for a full list of detailed reports for projects mentioned in this article and click here for a full list of related plant profiles.

Key Takeaways

• More than $900 million of Algonquin's projects are in the U.S. Midwest region.
• Executives expect a 5% to 6% compound annual growth in Algonquin 's rate base.
• The company also benefited from legislative and regulatory wins.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).