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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) has released its third quarter 2024 financial results. The company has made these results available to the public in the Investors section of its official website. Interested parties can access the financial information by visiting www.avangrid.com. This brief announcement indicates that Avangrid is maintaining transparency with its shareholders and the broader investment community by promptly sharing its quarterly performance data.
Avangrid (NYSE: AGR) has been named one of America's Greenest Companies 2025 by Newsweek, recognizing its commitment to sustainability and clean energy transition. The list evaluates companies on greenhouse gas emissions, water usage, waste generation, and sustainability data disclosure. Avangrid CEO Pedro Azagra emphasized the company's dedication to advancing safe and affordable clean energy strategies.
Avangrid's sustainability focus includes investing in network infrastructure, increasing renewable energy generation, and innovating operations. The company aims to achieve carbon neutrality for Scope 1 and 2 emissions by 2030, aligning with Iberdrola's Science Based Target initiative goal. This recognition follows other recent awards, including being named one of America's Climate Leaders by USA Today and the top utility on the 2024 JUST 100 list.
Avangrid's subsidiary, Central Maine Power (CMP), has been awarded a $31.8 million federal grant to deploy innovative grid technologies in Maine. The grant, funded by the Bipartisan Infrastructure Law, will support the implementation of Active Network Management (ANM) and Dynamic Line Rating (DLR) to enhance renewable energy integration and grid protection. This award brings Avangrid's total federal funding to nearly half a billion dollars in one year, including projects like the Aroostook Renewable Project and the Shaw Mill Project.
The smart grid technologies will help connect more clean energy to Maine's power grid while preventing overloading, supporting the state's climate goals. Governor Janet Mills emphasized the importance of strengthening and modernizing Maine's electrical infrastructure to reduce fossil fuel dependence and embrace clean energy. The grant is part of the U.S. Department of Energy's Grid Resilience and Innovation Partnerships (GRIP) program and aligns with Maine's Flexible Interconnections and Resilience for Maine (FIRM) project.
Avangrid, Inc. (NYSE: AGR), a sustainable energy company and Iberdrola Group member, has been recognized as one of the 100 Best Corporate Citizens of 2024 by 3BL. The company ranked #3 among Utilities in this prestigious list, which evaluates the largest U.S. public companies based on environmental, social, and governance performance.
The ranking assessed 1,000 companies across seven pillars, including climate change, employee relations, environment, and governance. Avangrid's CEO, Pedro Azagra, highlighted the company's commitment to sustainable solutions, emissions reduction, and improving customer and employee lives. Laney Brown, VP of Sustainability, emphasized Avangrid's dedication to transparency and supporting stakeholders in the clean energy transition.
The 2024 methodology introduced new factors to measure progress on key issues such as greenhouse gas emissions, energy and water use, and workforce diversity. The ranking relies solely on publicly available data published between August 2023 and August 2024.
Avangrid (NYSE: AGR) has won the E Source award for Achievement in Residential Customer Experience (CX). The award recognizes the substantial and positive impact of Avangrid's Customer Experience and Digital Center of Excellence (CoE) team. This cross-functional unit is dedicated to rethinking the end-to-end customer experience, consolidating strategy, digital product development, marketing, research, and journey redesign.
The CoE has contributed to significant improvements, including:
- Reduced hold times for new connections in New York
- 200% improvement in Net Promoter Score for move-in/out services
- Increased e-billing enrollment
- 50% increase in Outage Alerts enrollment
With over 80% of customer interactions occurring through digital channels, the CoE is important to achieving Avangrid's customer satisfaction goals. The company serves customers in Connecticut, Maine, New York, and Massachusetts, focusing on delivering safe and reliable energy through a compelling customer experience.
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company, has been awarded two 2024 American Inhouse Design Awards by Graphic Design USA magazine. The company's design team won for their work on the 2022 Avangrid Sustainability Report and for corporate building signage and New York State Electric and Gas (NYSEG) vehicle graphics.
The 61st Inhouse Design Awards, a premier celebration of inhouse design excellence, selected winners from over 5,000 entries across various sectors. Avangrid's CEO, Pedro Azagra, praised the talented graphic designers for their work reflecting the company's commitment to sustainability.
Avangrid's corporate brand and image team consists of two inhouse designers with over 50 years of combined experience. Their deep understanding of the brand ethos enables them to create innovative designs that showcase Avangrid's dedication to a brighter future.
Avangrid (NYSE: AGR), a sustainable energy company and Iberdrola Group member, has announced key appointments to its People & Organization (P&O) leadership team. The changes include:
1. John O'Neil as Senior Vice President of P&O
2. Khadijah "Kay" Johnson promoted to Vice President of Reward
3. Anna O'Connell promoted to Vice President, Business Partners
4. Paul Visconti promoted to Vice President of HR Operations
5. Rick Bruno as Interim Vice President of Health and Safety
CEO Pedro Azagra expressed confidence in the new team's ability to drive recruitment, retention, and employee advancement efforts. These appointments aim to support Avangrid's growth in Renewables and Networks businesses while maintaining its commitment to clean and reliable energy provision.
Avangrid (NYSE:AGR) has announced the schedule for its third quarter 2024 financial results release. The company will publish its earnings information on Tuesday, October 22, 2024, after the market closes. Investors can access the financial results through the Investors' section of Avangrid's official website. Additionally, Avangrid will distribute a news release via Business Wire on the evening of October 22nd, which will include a direct link to the financial results on the company's website.
Avangrid, Inc. (NYSE: AGR) has strengthened its Government and Regulatory Affairs team to enhance stakeholder engagement across New York, Connecticut, and Maine. CEO Pedro Azagra recently met with the team's senior leadership to discuss priorities for the year. The company's advocacy efforts have led to significant achievements:
1. The New York Utility Securitization Act was signed into law, benefiting nearly 1.9 million NYSEG and RG&E customers. This allows Avangrid subsidiaries to address over $750 million in legacy storm debt and improve financial health.
2. In Maine, Central Maine Power hosted a stakeholder meeting to gather feedback on climate change efforts and integrated grid planning, focusing on system resiliency, economic growth, electrification support, and increasing renewable energy connections.
Avangrid (NYSE: AGR) has been awarded a $425 million federal capacity contract for its Aroostook Renewable Project by the U.S. Department of Energy (DOE) through the Transmission Facilitation Program. This contract is one of the largest federal investments in Maine's energy development history. The Maine Public Utilities Commission (MPUC) is also preparing to issue a Request for Proposals (RFP) for a transmission line to connect 1,200 megawatts of renewable energy to the New England power grid. Avangrid plans to participate in this RFP, incorporating the awarded contract into its proposal. The project aims to support clean energy goals by developing a high-voltage line to alleviate transmission constraints in Northern Maine. Additional benefits include job creation, increased property taxes, rural broadband investments, and a stronger power grid. The initiative is funded by President Biden's Bipartisan Infrastructure Law, with winning bids expected to be announced in 2025.
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