Algonquin Power and Utilities Corp. says it has launched a strategic review of its renewable energy group.

The company, which terminated its deal to buy Kentucky Power Company and AEP Kentucky Transmission Co. Inc. last month, says the review will include assessing a range of alternatives with the aim of enhancing shareholder value.

Chief executive Arun Banskota says the company expects to announce its plans based on the results of the review by its second-quarter earnings call later this year.

The announcement came as Algonquin, which keeps its books in U.S. dollars, reported a first-quarter profit attributable to shareholders of US$270.1 million or 39 cents per share, up from US$91.0 million or 13 cents per share a year earlier.

Revenue totalled US$778.6 million for the quarter ended March 31, up from US$733.2 million in the first three months of 2022.

On an adjusted basis Algonquin says it earned 17 cents per share in its most recent quarter, down from an adjusted profit of 21 cents per share a year earlier.

This report by The Canadian Press was first published May 11, 2023.