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Oakville-based power company loses up to $55 million in Texas storm

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Oakville-based power company loses up to $55 million in Texas storm

Oakville-based Algonquin Power & Utilities Corp. announced the winter storm that hammered Texas last week could cost the company up to $55 million U.S. SAM FORSEN PHOTO

The massive winter storm that buried Texas in snow and ice last week also hit an Oakville-based power company hard.

Algonquin Power & Utilities Corp. recently announced to investors that the storm could cost the company between $45 million U.S. and $55 million U.S. The power company spent some $300 million in late 2020 to acquire four wind projects in Texas.

Algonquin’s stock has fell 10.2 per cent since the beginning of this month.

“First and foremost, our thoughts are with the many people whose lives have been disrupted by the extreme weather events,” said Arun Banskota, President and CEO of Algonquin.

“Since the events began, our teams have worked tirelessly under very challenging conditions to keep our customers and communities safe, and to maintain our system reliability and resiliency.”

The Oakville-based company says the freezing conditions restricted electricity production at a certain number of the Renewable Energy Group’s Texas-based wind facilities.

They maintain despite the storm, the company’s electric, gas and water networks performed strongly.

The extreme weather that put Texas under an icy grip, freezing wind turbines and natural gas wells, killed at least 21 people and left millions without power.

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