Algonquin Power Income Fund declares cash distribution for October 2008

    OAKVILLE, ON, Oct. 23 /CNW/ - Algonquin Power Income Fund (the "Fund")
(TSX:APF.UN) of Oakville, Ontario announced today that its Trustees have
declared a cash distribution on its trust units. The distribution is $0.02 per
trust unit payable on November 17, 2008 to the unitholders of record on
October 31, 2008 for the period from October 01, 2008 to October 31, 2008.
    Starting with the October 2008 distribution payment, the Fund has made an
adjustment to the usual forty-five (45) day payment cycle and will begin
paying monthly distributions approximately fifteen (15) days following the
record date for each month. Therefore, unitholders of record on October 31,
2008 will receive payment of $0.02 per trust unit on November 17, 2008.
Unitholders of record on September 30, 2008 will receive payment of $0.0766
per trust unit for the month of September on November 17, 2008. Therefore,
unitholders of record for both the months of September and October will
receive a total distribution payment of $0.0966 per unit on November 17, 2008.
    The Fund has 77,380,124 units issued and outstanding which together with
2,197,028 units of Algonquin (AirSource) Power LP outstanding, results in an
aggregate of 79,577,152 equivalent trust units issued and outstanding based on
the exchange provisions applicable with respect to units of Algonquin
(AirSource) Power LP.

    About Algonquin Power Income Fund

    Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of clean, renewable power generation and
sustainable infrastructure assets across North America, including 42 renewable
energy facilities, 11 thermal energy facilities, and 17 water distribution and
waste-water facilities. Algonquin Power was established in 1997 to provide
stable earnings through a diversified portfolio of renewable energy assets.
Algonquin Power's units and convertible debentures are traded on the Toronto
Stock Exchange under the symbols APF.UN, APF.DB and APF.DB.A and units are
included in the S&P/TSX Composite Index.

    %SEDAR: 00009265E

For further information:

For further information: Ms. Kelly Castledine, Algonquin Power Income
Fund, 2845 Bristol Circle, Oakville, Ontario, L6H 7H7, Telephone: (905)

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