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Current Project Status

 

On October 11, 2023, well over a year after it was due the OPSB accepted Kensington Solar's application fee payment. At that time, the OPSB staff set dates for the Public Hearing and the Hearing in Columbus.

 

After the long-awaited dates were published Algonquin then requested a stay, meaning they would yet again need more time, and asked to reschedule the hearings. Their reasoning, first was they said that they would like to work on community outreach and gain more local support for the project. Second, they want to see how the two solar projects (Birch and Kingwood) currently in the appeals process with the Ohio Supreme Court turn out. Unfortunately, however, the motion to stay was granted and now Algonquin has been given yet another 5 months before the hearings can be rescheduled. 

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In Other News:

Algonquin Power, the Mother company of Kensington Solar,

has looming financial woes.


Click here to read a current news article!

AQN today's end-of-day price and it is $7.67/share.  Just a week ago it was $11.51 and a year ago it was $14.15.  Apparently, many investors agreed or followed this advice to run. 

Some of my favorite quotes from this article:

  • "32% underperformance from a utility is about as painful as it can get. "

  • "As bad as the lowered guidance was, AQN still has an incredibly ambitious plan that no company with this level of relative debt should have."

  • "What would make us bullish is a complete revamp of the capital expenditure timeline and reduction by 40%-70%. Throw that growth story out of the window and we might get interested."

Hopefully, Algonquin will listen and go back to Canada.  They can't even make their projects work with 26% US stimulus money.

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