Algonquin Power and Utilities Corp. says it has hired an interim CEO as it looks to sell its renewable energy division after losses topped US$250 million last quarter.
Board chairman Kenneth Moore says that following a strategic review, the company now plans to sell the green energy group and shift to a pure-play utility company.
The board named one of its directors, Chris Huskilson, as interim CEO after chief executive Arun Banskota stepped down today, three years after he took the top spot. The move follows an earnings loss attributable to shareholders of US$253.2 million in the quarter ended June 30 compared to a US$33.4-million loss in the same period a year earlier.
Algonquin attributed the outcome, which marked a loss greater than in all of last year — US$212 million — largely to unfavourable weather that reduced customer demand and resulted in less energy production at its wind facilities. The Oakville, Ont.-based company, which reports in U.S. dollars, says second-quarter revenue inched up to $627.9 million from $619.4 million a year prior, while adjusted net earnings fell 50 per cent to eight cents per share from 16 cents per share.
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