Mr. Arun Banskota reports

ALGONQUIN POWER & UTILITIES CORP. TO CONDUCT STRATEGIC REVIEW OF ITS RENEWABLE ENERGY GROUP WITH AIM OF ENHANCING SHAREHOLDER VALUE

Algonquin Power & Utilities Corp.'s board of directors has initiated a strategic review of the company's renewable energy group with the aim of enhancing shareholder value. The review will include assessing a range of alternatives for the Renewable Energy Group.

Arun Banskota, President and Chief Executive Officer of AQN, said, "Both our Renewable Energy Group and our Regulated Services Group have grown into strong businesses, with scale and high-quality assets, and are positioned to benefit from the energy transition. However, we believe the market does not fully appreciate the value of our assets. To that end, we are initiating a strategic review of the Renewable Energy Group with the goal of determining the path forward that positions each of our businesses for continued growth, enables us to achieve a lower cost of capital and maximizes shareholder value. We expect to announce our go-forward plans based on the results of our strategic review by our second quarter earnings call."

Formation of Strategic Review Committee

To oversee the strategic review process, the Board has formed a Strategic Review Committee, comprised of directors Chris Huskilson (Chair), Amee Chande and Dan Goldberg.

Mr. Huskilson said, "The AQN Board and management team are committed to taking actions that are in the best interest of the Company and its shareholders. To that end, the Strategic Review Committee will execute a thorough review and take an open-minded approach to determining the best path forward to drive meaningful, long-term value."

There can be no assurance that the strategic review will result in any transaction or execution of any strategic alternative.

AQN has retained J.P. Morgan as its financial advisor to assist with the review process.

First Quarter Earnings Results

In a separate announcement this morning, the Company also announced earnings for the first quarter ended March 31, 2023. The release can be viewed on the Company's Investor Relations page at AlgonquinPower.com, as well as on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with over $17 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity.

AQN is committed to pursuing growth and operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions and value enhancing recycling of assets.

AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU, respectively.

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