Mr. Kenneth Moore reports

ALGONQUIN POWER & UTILITIES CORP. ANNOUNCES CEO TRANSITION

Algonquin Power & Utilities Corp. has appointed energy industry veteran Christopher Huskilson, a member of the Algonquin board of directors since 2020, as its interim chief executive officer, effective immediately. He succeeds Arun Banskota, who has stepped down as president and chief executive officer and as a member of the board, effective immediately.

The board has engaged a nationally recognized search firm to commence a search process to identify a permanent chief executive officer.

"As AQN prepares to pursue a sale of its renewables business and move forward as a pure-play regulated utility company, the board of directors has determined that now is the right time to transition leadership," said Kenneth Moore, chair of the Algonquin board of directors. "Chris has a record of driving significant growth in the energy industry, and he knows AQN and our business well from his tenures on the AQN board. As we conduct a search for a permanent CEO, we are confident that Chris will ensure a smooth transition while we pursue a sale of the renewables business, and position AQN's utility business for its next phase of stand-alone growth and value creation."

Mr. Moore continued: "On behalf of everyone at AQN, I want to thank Arun for his leadership and contributions throughout his tenure. Arun guided AQN through the pandemic and built on the legacy of AQN's founders over his three years as CEO, and we wish him the best in his future endeavours."

"It is a privilege to serve as interim CEO at this critical juncture for the company, after having chaired the strategic review committee of the board," said Mr. Huskilson, interim CEO. "As we begin the sale process for the renewables business, our focus remains on executing our value-creation strategies, and operating efficiently across both our regulated and renewable asset base. I look forward to working with the board and management team during this transition period to build on all the work under way to re-establish AQN as a top-tier utility business and unlock value for shareholders."

Mr. Banskota said, "I am proud to have had the opportunity to serve Algonquin over the past three years and believe that the company is well positioned to deliver long-term, sustainable value for years to come."

Strategic review update and second quarter 2023 earnings

In a separately issued press release, the company provided an update on its previously announced strategic review of its renewables business and announced that its board of directors will pursue a sale of its Renewable Energy Group. The company also reported second quarter 2023 earnings. Algonquin will hold an earnings conference call at 8:30 a.m. ET this morning, hosted by Mr. Huskilson, interim chief executive officer, and Darren Myers, chief financial officer. The release can be viewed on the company's investor relations page its website, as well as on SEDAR+ and EDGAR.

About Mr. Huskilson

Mr. Huskilson is an energy industry veteran with over 20 years of experience leading utility businesses. His previous roles include serving as the CEO and a director of Emera Inc., a publicly traded and geographically diverse energy and service company based in Halifax, N.S. During his 13 years leading Emera, he grew the business through substantial organic and acquisition-based growth, including more than doubling the business by acquiring Florida-based TECO Energy in 2015. In addition, he has served as president and CEO of 5-H Holdings Inc., and the chair of Xocean Ltd. He has also served as chair of the Canadian Electricity Association, chair of the Energy Council of Canada, chair of the Greater Halifax Partnership, and is a founding member of Canada's Ocean Supercluster, Dalhousie's Creative Destruction Lab and Endeavor Canada. He served on the company's board from 2009 to 2016, while Emera held 25 per cent of the company, and began his current tenure on the company's board in January, 2020. Mr. Huskilson holds a bachelor of science in engineering, a master of science in engineering and a doctor of science, honoris causa, from the University of New Brunswick.

About Algonquin Power & Utilities Corp.

Algonquin Power & Utilities, parent company of Liberty, is a diversified international generation, transmission and distribution utility with over $17-billion of total assets. The company is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of generation, transmission and distribution utility investments to over one million customer connections, largely in the United States and Canada. In addition, Algonquin owns, operates and/or has net interests in over four gigawatts of installed renewable energy capacity.

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