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Avangrid, Inc. (NYSE: AGR) is a diversified energy and utility company headquartered in Orange, Connecticut. With over $45 billion in assets, Avangrid operates in 24 states across the United States. The company has two primary lines of business: Networks and Renewables. Through its Networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. The Renewables business focuses on generating electricity through renewable sources like wind and solar power, with a total capacity of 8.8 gigawatts of emissions-free installed capacity.
Formed in 2015 through a merger between Iberdrola USA and UIL Holdings Corporation, Avangrid is majority-owned by Iberdrola S.A., a global leader in the energy industry based in Spain. Iberdrola owns 81.6% of Avangrid and has proposed to acquire the remaining shares. This merger has bolstered Avangrid's position as a leading sustainable energy company in the U.S.
Recent achievements include the successful conservation efforts under the California condor conservation plan, in partnership with the U.S. Fish and Wildlife Service and the Oregon Zoo. The project has resulted in the rearing of 12 condors, supporting biodiversity while mitigating the impacts of the Manzana Wind Power Project. Moreover, Avangrid’s ongoing innovation efforts were highlighted at its seventh Innovation Forum, showcasing advancements in renewable energy technologies and collaborations with top universities and national labs.
Financially, Avangrid has demonstrated robust performance, with significant investments in energy innovation projects amounting to over $102 million in 2023. The company has also been recognized for its commitment to sustainability and corporate responsibility, earning a spot on USA Today’s list of America’s Climate Leaders 2024 and being named among the World’s Most Ethical Companies by the Ethisphere Institute for six consecutive years.
Avangrid has a strong commitment to community engagement, as evidenced by a $135,000 grant to Habitat for Humanity to support local affordable housing projects. Additionally, the company recently signed a Power Purchase Agreement with CPS Energy to supply enough wind energy to power approximately 41,000 Texas homes, further cementing its role in the clean energy transition.
Looking forward, Avangrid is pioneering the U.S. offshore wind industry with projects like Vineyard Wind 1, set to be the nation’s first large-scale offshore wind farm. This project will generate electricity for over 400,000 homes and is expected to significantly reduce carbon emissions.
To learn more about Avangrid and its initiatives, visit www.avangrid.com.
Avangrid's subsidiary RG&E has completed a $23 million investment in a new substation in Sodus, New York, benefiting over 3,300 customers. This upgrade is part of Avangrid's $7 billion statewide investment plan through 2030, adding to its current $8 billion rate base in New York.
The new facility replaces the original 1966 substation, featuring state-of-the-art gas-insulated switch gear technology and an updated control system. The modernization includes voltage conversion capability from 4kV to 12kV circuits, remote monitoring capabilities, and enhanced operational efficiency. These improvements nearly triple the station's capacity, improving reliability and reducing outage response times.
The project, scheduled for completion in Spring 2025, aims to address aging infrastructure and improve grid resiliency to meet growing energy demands and protect against severe weather threats.
Avangrid (AGR) demonstrates resilience in power generation during extreme winter conditions, with over 30 energy facilities between the Rocky and Appalachian Mountains maintaining reliable electricity supply. These facilities, boasting a combined installed capacity of 4.5 Gigawatts (GW), are capable of powering approximately 1 million homes.
The company's CEO, Pedro Azagra, emphasizes their role in maximizing American energy production while contributing to national security and economic growth. The facilities provide consistent power supply throughout the year and serve as economic drivers in local communities through lease payments and tax revenue that supports public services.
Avangrid's total portfolio includes 75 projects across 22 states with a total installed capacity of 9 GW.
Iberdrola and Avangrid (AGR) announced their invitation to President Trump's inauguration and reaffirmed their investment commitments through 2030. The companies serve over 3.3 million customers through eight electric and natural gas companies in New York and New England, with operations in 23 states.
The companies currently operate $15 billion of regulated networks assets in the Northeast, with $11.1 billion of investments already underway in NY, ME, CT, and MA. An additional $9 billion in investments are planned through 2030 via new rate cases. Their portfolio includes over 75 generation facilities delivering 9 gigawatts of energy to over 2 million customers.
With U.S. electric demand projected to grow by 16% by 2030, the companies plan total investments of $20 billion in U.S. networks and have additional $10 billion in optional growth opportunities in generation.
Avangrid has received dual Emergency Response Awards from Edison Electric Institute (EEI) for its subsidiaries' storm recovery efforts in 2024. New York State Electric & Gas (NYSEG) was recognized for its response to Tropical Storm Debby in August 2024, which affected over 100,000 customers across New York State. More than 1,300 field service personnel worked to restore power.
Central Maine Power (CMP) was honored for managing a spring nor'easter in April 2024 that left more than 270,000 customers without power. The restoration effort involved over 1,100 crews handling damage assessments, tree clearing, and electrical infrastructure repairs. Both companies demonstrated exceptional service restoration capabilities following severe weather events.
Avangrid (NYSE: AGR) announced plans to add over 130 new hybrid bucket trucks to its utility fleet across Northeast utilities over the next three years. The hybrid vehicles use diesel for driving but operate bucket lifts electrically, offering key advantages including improved safety through reduced exhaust exposure, better fuel efficiency, and enhanced longevity through reduced engine wear.
The company currently uses renewable diesel in Lancaster, New York, and aims to convert 60% of its heavy-duty fleet to alternative energy sources by 2030. This procurement represents a significant expansion in Avangrid's use of alternative energy sources including electric, hybrid, and green fuels.
Avangrid (NYSE: AGR) announced the graduation of its second cohort of newly hired technicians from its National Training Center (NTC) in Sherman County, Oregon. The facility, built in 2023, provides comprehensive safety and technical training over two-and-a-half weeks for wind project technicians from three different states.
The NTC features a 30-foot-tall fall protection tower, intact nacelle for maintenance practice, and virtual reality training systems. The facility supports Avangrid's 14 existing wind and solar facilities in Oregon, with approximately 1.6 GW of combined clean energy capacity. The training program follows American Clean Power Association guidelines and is seeking Global Wind Organisation certification.
Avangrid (NYSE: AGR) and Portland General Electric (PGE) have announced a Power Purchase Agreement for the Tower Solar project, a 120 MWac solar energy facility under construction in Morrow County, Oregon. The project, developed in collaboration with QTS and Meta, will deliver renewable energy through PGE's Green Future Impact program. The facility will span 900 acres, utilize over 200,000 solar panels, and create more than 200 construction jobs. The project is expected to generate approximately $20 million in combined PILOTs and property taxes. Tower Solar will be Avangrid's sixth solar facility in Oregon, scheduled for completion in 2026.
Avangrid (NYSE: AGR) hosted Connecticut's first-ever Hispanic Energy Roundtable, bringing together 15 Hispanic leaders to discuss energy issues facing the Hispanic community. The company announced new memberships in the National Hispanic Energy Council (NHEC) and National Hispanic Caucus of State Legislators (NHCSL), committing $100,000 in financial support. CEO Pedro Azagra will join NHEC's Board of Trustees, and the company will host the roundtable annually. The initiative aims to address the disproportionate energy burden on Hispanic households, who pay 20% more in energy costs than the average U.S. household.
Avangrid (NYSE: AGR) issued a Veterans Day statement honoring military service members. CEO Pedro Azagra expressed gratitude to veterans for their service and highlighted their significant role in Avangrid's workforce. The company acknowledges veterans' contributions to their workforce, emphasizing how their experiences and skills enhance the company culture while supporting Avangrid's mission.
Avangrid Foundation has opened applications for its 2024 Wildlife Rehabilitation Grant Program, accepting submissions until November 15, 2024. The program, which has distributed over $640,000 since 2016, supports organizations providing wildlife care and habitat protection within Avangrid's service areas. Eligible applicants must be 501(c)(3) organizations with wildlife rehabilitation as their primary mission, have over one year of operations, hold proper permits, and operate within Avangrid's service territory. Last year's funds supported various initiatives including Avian Influenza treatment, stranded seal recovery, shelter construction, and wildlife nutrition.
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