Algonquin Power Faces Interest Rate, Economic Headwinds

November 15, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Algonquin Power & Utilities Corporation (NYSE:AQN) (AQN) (Oakville, Ontario) faced an adverse fiscal third quarter, as its results were negatively impacted by increasing interest rates and the timing of tax incentives related to certain renewable energy projects, executives with the energy generation, transmission and distribution utility said Friday. The company, which serves both the U.S. and Canada, is now reviewing its plans for 2023 in light of a changing business environment, its executives said.

Algonquin reported a net loss of $195.2 million for the just-ended quarter, compared with a loss of $27.9 million for the same period in 2021.

"Our underlying businesses remain strong; however, we are not immune to the macroeconomic environment," said Chief Executive Officer Arun Banskota in a press release.

Other companies featured: American Electric Power Company Incorporated (NASDAQ:AEP), Chevron Corporation (NYSE:CVX)