This document provides an annual progress report from Algonquin Power, a major North American power and utility company. It discusses Algonquin's growth strategy of acquiring power assets and utilities to grow its asset base and profit. The report outlines Algonquin's divisions in renewable energy (hydroelectric and wind), thermal energy (cogeneration and waste facilities), and utility services. It discusses growth goals and plans by sector, as well as case studies and highlights of operational successes and challenges over the past year. The report also covers Algonquin's decision to transition from an income trust to a corporate structure.