Liberty Utilities parent company gets PUC approval in recent acquisition

Algonquin Power & Utilities Corp. has announced that Liberty Utilities, its regulated distribution utility business, received approval from the California Public Utilities Commission to acquire 100 percent of the regulated electricity distribution business in and around South Lake Tahoe, Calif.

The California Utility provides electric service to 47,000 customers in the Lake Tahoe region. APUC currently owns 50.001 percent of the California Utility and Emera Inc. ("Emera") owns 49.999 percent. In April 2011, Emera agreed to sell its direct ownership in the California Utility to Liberty Utilities (formerly Liberty Energy) in exchange for 8.211 million APUC shares. The closing of the acquisition is expected to occur on or about July 12, 2012.

Initially at closing, Emera will exchange previously issued subscription receipts into 4.79 million APUC shares to partially fund the acquisition. In early 2013, following the completion of a rate case filed by the California Utility in February 2012, Emera will exchange additional subscription receipts into the remaining 3.42 million APUC shares.

Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.2 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Utilities Co., APUC's regulated distribution utility business, provides regulated water and electric utility services to more than 120,000 customers with a portfolio of 22 water and electric utility systems.

Pursuant to previously announced agreements, Liberty Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility and certain regulated natural gas distribution assets in Missouri, Illinois and Iowa, which together serve approximately 213,000 customers.

Algonquin Power Co. (APCo), APUC's electric generation subsidiary, includes 42 renewable energy facilities and 12 thermal energy facilities representing more than 460 MW of installed capacity. APCo will be expanding its wind generating footprint into the United States pursuant to a previously announced agreement to acquire 245 MW of wind generating facilities across four States.

APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN and AQN.DB.B. Visit Algonquin Power & Utilities Corp. at www.AlgonquinPowerandUtilities.com .