Avangrid Dispatches UI Crews, Resources to Assist Restoration Efforts in Maine

Rhea-AI Summary

Avangrid, Inc. (NYSE: AGR) deploys over 100 lineworkers and tree crews from its Connecticut subsidiary to assist in restoring power to 230,000 customers in Maine after a powerful Nor'easter. The company's commitment to quick and safe power restoration is highlighted, with 1,000 crews working through the weekend. Avangrid's extensive interstate network allows for efficient deployment of resources during weather emergencies, showcasing their dedication to customer service and community support.

Insights

Energy Sector Analyst

The deployment of extensive resources by Avangrid to restore power in the aftermath of the Nor'easter storm is indicative of the company's operational resilience and its commitment to service restoration. From an investor's perspective, the quick mobilization of 103 lineworkers and 81 tree crews, among other support staff, demonstrates Avangrid's robust emergency response capabilities. This is essential for maintaining customer trust and minimizing financial repercussions associated with prolonged outages.

However, investors should also consider the financial implications of such emergency operations. While the immediate customer service benefits are clear, the costs associated with deploying additional resources can impact the company's short-term financials. The extent of these costs and their effect on the company's quarterly earnings should be monitored. Furthermore, the frequency of these weather events could prompt a reassessment of the company's long-term infrastructure investment strategy, potentially leading to increased capital expenditures aimed at bolstering grid resilience.

Risk Management Expert

Avangrid's response to the power outages caused by the Nor'easter highlights the importance of risk management and disaster preparedness in the utility sector. The collaborative effort across state lines within Avangrid's network showcases an effective risk mitigation strategy that leverages the company's multi-state presence. For stakeholders, this approach not only ensures operational continuity during crises but also serves as a case study for evaluating the company's governance practices in managing unforeseen events.

From a risk assessment perspective, the proactive deployment of resources to address the power outages may also serve to mitigate potential regulatory scrutiny and customer dissatisfaction. However, the recurring nature of severe weather events raises questions about the long-term sustainability of such reactive measures. Investors may look for more proactive investments in infrastructure hardening and smart grid technologies that could reduce the frequency and severity of future disruptions.

Environmental Sustainability Analyst

Avangrid's involvement in restoring power in Maine following the Nor'easter is not only operationally significant but also aligns with its identity as a sustainable energy company. The swift action reinforces its commitment to environmental responsibility and community support, which are increasingly important to socially conscious investors. The deployment of resources reflects the company's preparedness for climate-related disruptions, a factor that is critical for long-term sustainability in the energy sector.

While the immediate environmental impact of the storm is a concern, the broader implications for Avangrid's sustainability goals should be considered. The resilience of the power grid to extreme weather conditions is a key component of sustainable infrastructure. Investments in renewable energy sources and grid modernization could be accelerated as a result of these incidents, potentially enhancing the company's reputation as a leader in sustainable energy and providing long-term value to shareholders.

More than 100 lineworkers, 81 tree crews from Avangrid’s Connecticut subsidiary United Illuminating working with hundreds of Central Maine Power crews to restore power to 230,000 impacted customers

B-roll linked HERE; soundbites linked HERE

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, has deployed 103 lineworkers, 81 tree crews, 41 bucket and digger derrick trucks, and 45 support staff, including damage assessors and crew guides, from its Connecticut subsidiary United Illuminating to Maine. UI crews are working hand-in-hand with more than hundreds of other line and tree crews in restoration efforts after a powerful Nor’easter knocked out power to nearly 350,000 customers earlier this week. 1,000 crews will be working through the weekend to restore power.

“During powerful storms like this Nor’easter, all Avangrid companies, including Central Maine Power and United Illuminating, are committed to doing whatever it takes to restore power to our customers as quickly and as safely as possible,” said Pedro Azagra, Avangrid CEO. “By tapping into our extensive interstate network of dedicated field professionals, Avangrid is uniquely positioned to deploy our resources across the Northeast to meet weather emergencies wherever and whenever they arise. I thank the men and women of UI for working tirelessly with the dedicated CMP team to restore power to our Maine communities in need.”

The crews deployed from UI include internal line and service crews, external line crews, external tree crews and internal supervisors, damage assessment crews, crew guides, and storekeepers. While UI faced minor impacts from the same storm system, line crews restored power to all UI customers before deploying to Maine. They have joined hundreds of other line and tree crews working along CMP who have been working around the clock in severe conditions caused by the heavy snow and high winds, including battling damaged and fallen trees, broken poles, and downed power lines. Together, internal and external crews have already restored power to nearly 140,000 customers since the storm began on Wednesday, and they anticipate they will work throughout the weekend to restore remaining customers affected by the storm.

The collaborative storm response effort is part of Avangrid’s multi-state network of resources to assist its hardest hit service areas to bolster response times. The company deployed similar assistance of personnel and equipment during the historic flooding event in December 2023 and during Hurricane Lee in September 2023.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid 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. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240405119535/en/

Sarah Wall Fliotsos

swall@uinet.com

(757) 407-4255

Source: AVANGRID, Inc.

FAQ

How many lineworkers and tree crews did Avangrid deploy to assist in restoring power in Maine?

Avangrid deployed 103 lineworkers and 81 tree crews from its Connecticut subsidiary to assist in restoring power to 230,000 customers in Maine.

How many crews are working to restore power through the weekend?

1,000 crews are working through the weekend to restore power to the impacted customers in Maine.

What is Avangrid's commitment during weather emergencies?

Avangrid is committed to restoring power to customers as quickly and safely as possible during weather emergencies.

What is highlighted as Avangrid's unique position in deploying resources across the Northeast?

Avangrid's extensive interstate network allows for the efficient deployment of resources across the Northeast during weather emergencies.