Liberty Files to Adjust Natural Gas Rates to Enhance the Customer Experience

On November 22, 2021, Liberty submitted an application to the New Brunswick Energy and Utilities Board (NBEUB) that includes adjustments to the distribution rates and charges for all customer rate classes in 2022. Pending approval from the NBEUB, these new rates and charges would take effect on May 1, 2022 and reflect Liberty’s efforts to maintain a safe, reliable natural gas system and enhance our customers’ service experience.

Liberty is proposing to lower the distribution rates for all commercial customers, which would result in annual decreases of 4.0% to 12.2% (depending on rate class) as compared to 2021. Commercial customers can expect to see savings of 27% to 41% (depending on rate class) compared to No. 2 oil and even more if the cost of natural gas supply is lower than forecasted.

Liberty is proposing to decrease the distribution rate for residential customers from $10.40 to $10.25 and increase the customer charge per month from $20 to $22.40 resulting in an annual increase of 2% as compared to 2021. Residential customers can still expect to see savings compared to electricity – an estimated 22% savings, and possibly more if the cost of natural gas supply is lower than forecasted. The actual impact on customers’ total annual costs will depend on how much natural gas is consumed and what the price of natural gas supply will be in 2022.

Annual Distribution Cost of Natural Gas: 2021 Current Rates vs 2022 Proposed Rates

All adjustments to distribution rates and charges for all rate classes are reviewed and approved by the New Brunswick Energy and Utilities Board through an open and transparent regulatory process. Please visit www.nbeub.ca for more information.

NOTE: Liberty does not earn a profit on the sale of natural gas supply (Liberty Utility Gas). Customers have a choice when it comes to purchasing their natural gas supply. Please visit www.nbeub.ca for more information.

About Liberty

A subsidiary of Algonquin Power & Utilities Corp, Liberty is committed to providing safe and reliable natural gas, water, and electricity distribution services to over one million customer connections. Liberty's utility operations are primarily located in the United States and Canada and have expanded to Chile and Bermuda. With a customer-centric approach to management, Liberty provides a superior customer experience through local management of conservation and energy efficiency initiatives, and programs for businesses and residential customers. We measure our performance in terms of service reliability, customer satisfaction, and an unwavering dedication to public and workplace safety. Liberty's North American distribution operations include Arizona, Arkansas, California, Georgia, Illinois, Iowa, Kansas, Massachusetts, Missouri, New Hampshire, New York, Oklahoma and Texas in the United States, and New Brunswick, Canada. For more information, please visit www.libertyenergyandwater.com.

Caution Regarding Forward-Looking Information

Certain statements included in this news release may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-Iooking statements"). The words "will", "would", "expects", and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include but are not limited to statements regarding: the expected timing for new rates; the expected impact on customers of the requested rates; and the expected implementation of a Weather Normalization Adjustment Rider (WNAR). These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Liberty cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Liberty undertakes no obligation to update any forward­ looking statements to reflect new information, subsequent or otherwise.

###

Media Contact:
Maggie Estey | Communications | Liberty
(506) 292-3581
NBCommunications@libertyutilities.com