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  "documentTitle": "Starboard Value Algonquin Letter July 2023",
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  "presentationDate": "2023-07-01 00:00:00",
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  "notes": "Includes a footnote regarding EPS estimation methodology.",
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      "kind": "disclaimer",
      "text": "6EPS estimate is based on information obtained from sources believed to be reliable and incorporates certain assumptions. Such information and assumptions could turn out to be inaccurate. Starboard’s estimate included here is based on several data points.",
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      "text": "The Water Utility is a hidden gem within Algonquin’s portfolio, and its value should not be overlooked.",
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      "text": "We look forward to continuing our discussions in order to ensure that maximum value is created for all Algonquin shareholders.",
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      "text": "example, if, following the sale of the Renewable Energy Group, Algonquin were to also sell its Water Utility and use the majority of the proceeds to repurchase shares, we believe that it could increase pro forma EPS to nearly 90 cents6.",
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      "text": "Jeffrey C. Smith\nManaging Member\nStarboard Value LP",
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      "text": "Sincerely,",
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      "text": "Even after selling the Water Utility, Algonquin would still be greener than the majority of its peers, since its peers on average contain no water distribution exposure and get 26% of their electric power from coal.",
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