OUR NON-REGULATED ELECTRICAL GENERATION UTILITY Algonquin Power Co., our electric generation subsidiary, generates and sells electrical energy through  a diverse portfolio of clean, renewable power generation facilities across North America.We own or have  interests in 33 generating facilities representing more than 1,100 MW of installed capacity. Our focus on  establishing long term power purchase agreements provides stability and transparency to our economic  results. Continuing growth in the business will be realized through the build out of our pipeline of over  350 MW of contracted power development projects representing more than $850 million in potential  investment opportunity.  Liberty Utilities Co., our U.S. based utility business, provides cost-of-service rate regulated water, natural  gas and electric distribution utility services to more than 348,000 customers located in eight states.  In 2013, Liberty Utilities Co. will be expanded with the acquisition of Georgia and Massachusetts natural  gas distribution utilities serving an additional 117,000 customers.We are committed to expanding  this business organically through continued capital investment within each utility and through further  acquisitions of high quality water, electricity and natural gas distribution assets.  Expected 2013 Highlights: 2012 growth achievements: OUR REGULATED DISTRIBUTION UTILITY Expected 2013 highlights: 2012 growth achievements: ■ Signed a 25 year power purchase agreement with SaskPower for a 177 MW wind facility ■ Announced and closed the acquisition of a 60% interest in a 400 MW portfolio of wind generating  facilities in Texas, Pennsylvania and Illinois  ■ Acquired a 109.5 MW wind generating facility in Illinois ■ Construction of a 10 MW solar powered generating facility in 2013 ■ Continuing development of our 350 MW of contracted wind energy generation opportunities ■ Acquired New Hampshire electricity and natural gas distribution utilities ■ Acquired Missouri, Illinois and Iowa natural gas distribution utilities ■ Announced acquisition of Arkansas water distribution utility ■ Announced acquisition of Georgia natural gas distribution utility ■ Completion of Arkansas and Georgia utility acquisitions ■ Acquisition of Massachusetts natural gas distribution utility ■ Filing of rate increase request for New Hampshire electricity distribution utility  2012 Annual Report 7