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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 (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.
Avangrid (NYSE: AGR) hosted its fourth annual Digital Summit at its Connecticut headquarters, bringing together 13 leading technology providers to showcase innovative digital solutions in the energy sector. The event, themed 'Leading in Digital,' focused on advancing customer service, smartgrids, operations, and renewable energy through technologies like advanced analytics, AI, machine learning, and robotics. Notable achievements highlighted include improved reliability results from NYSEG and RG&E subsidiaries, implementation of new AI tools for customer service, and recognition for their pilot robot dog 'Sparky' with the AEIC 2024 Achievement Award.
Avangrid (NYSE: AGR) has completed installing 105,000 solar modules at its Camino Solar project in California. The 44 MWac (57 MWdc) facility will generate enough energy to power approximately 14,000 homes. The project has created about 100 local jobs during construction and is expected to generate $15 million in state and local taxes over its lifetime. Located adjacent to Avangrid's 189 MW Manzana wind farm, Camino Solar will be the company's tenth solar project and first in California. The project spans private land and over 200 acres of public lands managed by the U.S. Bureau of Land Management. Final construction phases, including electrical work and commissioning, are ongoing before grid production begins next year.
Avangrid (NYSE: AGR) has secured two lease areas in the Gulf of Maine offshore wind auction for a total of $11.1 million. The areas, OCS-A 0564 (98,565 acres) and OCS-A 0568 (124,897 acres), have the potential to deliver 3 Gigawatts of clean power to New England. Located approximately 30 nautical miles from shore, these areas feature strong wind speeds and relatively shallow waters suitable for floating wind technology. This acquisition adds to Avangrid's existing 5 GW offshore wind pipeline on the East Coast, making it the largest offshore developer in the Northeast by total acreage.
Avangrid (NYSE: AGR) hosted its 2024 Supplier Awards at its headquarters in Orange, Connecticut, recognizing six business partners for their exceptional contributions. The event, returning for the first time since 2019, honored suppliers in categories including diversity, sustainability, innovation, services, emergency excellence, and health and safety. Mortenson was named Supplier of the Year among the winners. The company highlighted its strong supply chain relationships, which result in $5 billion in annual purchases and support operations across utilities and renewables, including over 9 GW of solar and wind farms and more than 1,000 MW under construction.
Avangrid (NYSE: AGR) has achieved joint certification in ISO 14001 and ISO 45001 for its Onshore Renewables business, becoming one of the first in the Iberdrola Group to do so. Bureau Veritas auditors conducted a 31-day examination of Avangrid's renewable energy operations, visiting 10 clean energy sites and their Portland office. The audit team identified several excellence areas, including competency development programs, incident reporting platforms, and environmental health & safety metrics. Avangrid's onshore business currently operates over 9.0 GW of installed clean energy capacity across more than 75 project sites in 22 states.
Avangrid (NYSE: AGR) has completed the sale of its Kitty Hawk North offshore wind lease area to Dominion Energy for approximately $160 million. The transaction includes a 40,000-acre lease area capable of supporting 800 MW of offshore wind generation. The sale price comprises a $117 million lease acquisition payment plus development cost reimbursement.
Avangrid retains ownership of Kitty Hawk South, which has potential for 2.4 Gigawatts of power generation. The company maintains a 9 Gigawatt renewable portfolio across 25 states, including the recently selected 791 MW New England Wind 1 project in Massachusetts.
Avangrid (NYSE: AGR) has achieved a security score of 98 from SecurityScorecard, significantly surpassing the energy industry average of 86. The company excels in network and application security, addressing key vulnerabilities in the energy sector. This achievement demonstrates Avangrid's commitment to protecting its infrastructure, customers, and employees in an increasingly digital environment. The company implements a multi-layered security management approach based on the National Institute of Standards and Technology framework to protect its transmission and distribution systems across its Networks companies.
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