Algonquin Power & Utilities Corp. – Management’s Discussion & Analysis Measured in Canadian dollars, for the three months ended December 31, 2012, Liberty Utilities (West)’s  operating profit totalled $8.7 million as compared to $7.0 million in the same period in 2011. Liberty Utilities: Central Region Liberty Utilities (Central) is comprised of Liberty Utilities’ operations in Texas, Missouri, Illinois, and Iowa. Liberty Utilities (Central) acquired its natural gas distribution utilities on August 1, 2012 and accordingly there  are no results for these utilities for the corresponding period in 2011.  $^{1}$ Represents MMBTU since August 1, 2012 acquisition date  From the acquisition date of August 1, 2012 to December 31, 2012, Liberty Utilities (Central) natural gas  distribution sales totalled 2,399,850 MMBTU.  During the year ended December 31, 2012, Liberty Utilities (Central) provided approximately 385 million U.S.  gallons of water to its customers, and treated approximately 370 million U.S. gallons of wastewater.  Liberty Utilities (Central) has investments in natural gas distribution assets for regulatory purposes of U.S.  $131.4 million and water distribution assets for regulatory purposes of U.S. $24.1 million as at December 31,  2012, as compared to U.S. $nil and U.S. $23.1 million, respectively as at December 31, 2011.  2012 Annual Report 37 2012 Annual Operating Results  $^{1}$ Represents Natural Gas revenue and gas costs since August 1, 2012 acquisition date.  Year ended December 31  Year ended December 31  2012  2011  2012  2011  U.S. $ U.S. $ Can $ Can $ (millions) (millions) (millions) (millions) Natural Gas Assets for regulatory purposes  131.4 - Water Assets for regulatory purposes  24.1 23.1 Revenue Utility natural gas sales and distribution  1 $  26.0 $   - $  25.8 $   - Wastewater treatment   5.7  5.7  5.7  5.6 Water distribution   3.4  3.3  3.4  3.2  35.1  9.0  34.9  8.8 Less: Cost of Sales – Natural Gas 1 (13.8)  - (13.6)  - $  21.3 $   9.0 $  21.3 $  8.8 Expenses Operating expenses  (13.1) (4.3) (13.1) (4.3) Divisional operating profit  $   8.2  $   4.7 $  8.2 $  4.5 Year ended December 31  2012  2011  Number of Active Natural Gas Connections   Residential  72,500  -  Commercial   9,500  -  Industrial   50 -  Total Active Natural Gas Connections  82,050  -  Number of Water Connections   Wastewater connections  6,000 5,900   Water distribution connections  5,500 5,400  Total Water Connections   11,500 11,300  Customer Usage (MMBTU)   Residential 1,306,800  -  Commercial   914,150  -  Industrial   178,900  - Total Customer Usage (MMBTU) 1 2,399,850   - Gallons Provided  Wastewater treated (millions of gallons)   370  290   Water sold (millions of gallons)   385  410  Total Gallons Provided   755  700 