Algonquin Power & Utilities Corp. – Consolidated Financial Statements ALGONQUIN POWER & UTILITIES CORP.  Notes to the Consolidated Financial Statements  December 31, 2012 and 2011   (in thousands of Canadian dollars except as noted and amounts per share)  Property, plant and equipment consist of the following:  5.  Property, plant and equipment Renewable generation assets include cost of $88,198 (2011 - $94,606) and accumulated  depreciation of $29,584 (2011 - $30,264) related to facilities under capital lease or owned by  consolidated variable interest entities. Depreciation expense of facilities under capital lease was  $2,244 (2011 - $2,302). Equipment includes cost of $4,227 (2011 - $4,227) and accumulated depreciation of $2,348  (2011 - $2,079) related to equipment under capital lease. Depreciation expense of equipment  under capital lease was $269 (2011 - $282).  Contributions received in aid of construction of $6,341 (2011 - $3,968) have been credited to the  cost of the distribution assets. Water and wastewater distribution assets include expansion costs  of $1,000 on which the Company does not currently earn a return. 2012 Annual Report 97 2011 Cost Accumulated depreciation  Net book  value  Generation Renewable  $488,920  $117,740  $371,180  Thermal  194,080  78,776  115,304  Distribution Water & wastewater  239,190  48,716  190,474  Electricity  154,154  2,636  151,518  Land 11,981 - 11,981 Equipment 47,599 21,865 25,734 Construction in progress 53,918 - 53,918 $ 1,189,842  $ 269,733  $ 920,109  2012 Cost Accumulated depreciation  Net book  value  Generation Renewable  1,244,912  $119,809  $1,125,103  Thermal  208,183  78,336  129,847  Distribution Water & wastewater  240,376  52,162  188,214  Electricity  259,461  7,765  251,696  Gas  352,491  5,940  346,551  Land 12,006 - 12,006 Equipment 71,954 26,697 45,257 Construction in progress 64,041 - 64,041 $ 2,453,424  $ 290,709  $ 2,162,715 