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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, Inc. (NYSE:AGR) announced its first quarter 2023 earnings through a press release and will host a conference call on April 26, 2023, at 10:00 A.M. ET for analysts and investors. The company aims to be a leading sustainable energy provider in the U.S., operating across 24 states with assets valued at approximately $41 billion. AVANGRID serves over 3.3 million customers through its electric and natural gas utilities. Its commitment to sustainability is recognized, ranking first in the utility sector for environmental efforts in 2023 and being named one of the World’s Most Ethical Companies for five consecutive years. The detailed financial results can be viewed on their website.
AVANGRID (NYSE: AGR) has commenced commercial operations at its 162 MWac (205 MWdc) Pachwáywit Fields solar farm in Gilliam County, Oregon, marking it as the state’s largest photovoltaic facility. This solar project supports Portland General Electric’s (PGE) Green Future Impact program, helping large customers achieve sustainability goals.
Constructed on 1,223 acres with 471,156 panels, it generates power for around 40,000 homes and created approximately 300 jobs. The project also contributed $1.37 million to local tax revenue. AVANGRID’s CEO, Pedro Azagra, emphasized the company's commitment to the energy transition in Oregon, while PGE officials noted the project’s importance for local decarbonization efforts.
The Cumberland County jury's unanimous verdict allows the New England Clean Energy Connect (NECEC) project to proceed, confirming prior Maine Supreme Judicial Court rulings. AVANGRID, the company behind NECEC, emphasizes that this project will deliver low-cost renewable energy to Maine and New England, while significantly reducing carbon emissions. AVANGRID operates with approximately $41 billion in assets across 24 U.S. states, providing utility services to over 3.3 million customers. The company has been recognized for its commitment to sustainability and ranked as one of the World’s Most Ethical Companies in 2023.
In celebration of Earth Week, AVANGRID (NYSE: AGR) and United Illuminating (UI) partnered with Habitat for Humanity Coastal Fairfield County to emphasize their commitment to energy efficiency and affordable housing in Connecticut. CEO Pedro Azagra toured two energy-efficient homes in Bridgeport, supported by a
AVANGRID (NYSE: AGR) has partnered with the Navajo Tribal Utility Authority (NTUA) to explore the feasibility of developing up to 1 GW of renewable energy projects within the Navajo Nation across New Mexico and Arizona. This collaboration aims to assess wind, solar, and battery storage solutions that promise new jobs and economic development. AVANGRID's CEO, Pedro Azagra, emphasized the potential positive impact on local communities, highlighting their commitment to clean energy. The partnership aligns with the Inflation Reduction Act, aiming to enhance the clean energy economy and subsequent revenue for the region. NTUA's General Manager, Walter Haase, expressed optimism regarding the transformative potential of this initiative, enhancing energy access for Navajo Nation residents.
Ignacio Galán, Chairman of AVANGRID and Iberdrola, received the Medal of Honor from the World Jurist Association on April 13 at the United Nations in New York. Recognized for his leadership in clean energy and ESG principles, Galán emphasized the importance of an energy transition involving all sectors. Over his tenure, Iberdrola has invested €140 billion, achieving a renewable capacity of 40,000 MW while committing to carbon neutrality by 2030 and net-zero emissions by 2040. The company is now the second largest electricity utility by market cap, with plans for €47 billion in investments from 2023 to 2025 to support its Climate Action Plan. Galán’s recognition underscores Iberdrola's role in the renewable energy landscape.
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