* Q1 earnings C$0.45/unit vs C$0.49/unit yr ago
* Revenue up 2 pct
* Plans to convert into corporation
April 29 (Reuters) - AltaGas Income Trust's ALA_u.TO first-quarter profit fell 3 percent, hurt by lower power prices in Alberta.
Net income for the quarter was C$36.4 million , or 45 Canadian cents a unit, compared with C$37.5 million, or 49 Canadian cents a unit, a year ago.
The trust said power prices in Alberta were the lowest it has seen in years, but it is now starting to see renewed producer activity in the basin.
The trust, which has utility, gas-processing and generating arms, earned C$32.4 million, or 40 Canadian cents a unit, excluding items. Revenue rose 2 percent to C$360.5 million.
Analysts on average were expecting earnings of 43 Canadian cents a unit, before special items, on revenue of C$369.2 million, according to Thomson Reuters I/B/E/S.
The trust also said it plans to reorganize into a corporate structure.
Units of the trust closed at C$17.83 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Vinu Pilakkott)