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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.
On February 17, 2023, Iberdrola's Executive Chairman, Ignacio Galán, engaged with approximately 1,000 postgraduate students at Harvard Business School. This event highlighted decisions made over the past 20 years that have shaped Iberdrola's strategy in clean energy and its vision for the future. The case study, led by Professor Juan Alcácer, delves into Iberdrola's business model and future strategies, including green hydrogen initiatives. Iberdrola, a member of the Iberdrola group, aims to be a sustainable energy leader, with Avangrid (NYSE: AGR) being a key player in the U.S. renewable energy market.
AVANGRID, Inc. (NYSE:AGR) has declared a quarterly dividend of $0.44 per share on its Common Stock, payable on April 3, 2023 to shareholders of record on March 1, 2023. Additionally, the company announced that its 2023 Annual Meeting of Shareholders will take place on June 13, 2023. The deadline for shareholder proposals for consideration is set for April 14, 2023. AVANGRID operates with approximately $40 billion in assets across 24 U.S. states, primarily through its two divisions: Avangrid Networks and Avangrid Renewables. The company serves over 3.3 million customers and employs approximately 7,000 people.
Gridmatic, an AI-enabled power marketer, has entered a two-year partnership with AVANGRID (NYSE: AGR) to purchase 15 MW of zero-emission energy from AVANGRID's 120 MW Barton Chapel wind project in Jacksboro, Texas. This agreement, effective from January 1, 2023 to December 31, 2024, is aimed at supplying Gridmatic's retail customers with clean and affordable wind energy. The partnership aligns with Gridmatic's launch of its retail business, which offers advanced clean energy products to help businesses meet climate goals using AI-driven models.
Avangrid Foundation has announced a record total of
AVANGRID (NYSE:AGR) announces its fourth quarter and full year 2022 financial results are set for release on February 21, 2023, after market closure. The advisory news release will provide further details and a link to the financial results. A webcast conference call for analysts will follow on February 22, 2023, at 10:00 A.M. ET, featuring an overview of the financial results by the Executive team. AVANGRID, headquartered in Orange, CT, manages approximately $40 billion in assets across 24 states, with a focus on sustainable energy in the U.S. and a commitment to corporate citizenship.
AVANGRID, Inc. (NYSE: AGR) received the EEI Emergency Assistance Award for the 13th time due to its response to Hurricane Fiona in Nova Scotia in September 2022. The hurricane caused over $5 billion in damages and disrupted power for nearly 750,000 customers. United Illuminating and Central Maine Power assisted in recovery efforts, highlighting the company's commitment to mutual aid and community support. CEO Pedro Azagra emphasized the dedication of their employees during these critical times.
AVANGRID (NYSE: AGR) announced significant progress regarding the Bureau of Ocean Energy Management’s (BOEM) Draft Environmental Impact Statement (DEIS) for its New England Wind Offshore project. This initiative includes the Commonwealth Wind (1232 MW) and Park City Wind (804 MW) projects, which collectively aim to provide over 2000 MW of sustainable energy, enough to power over one million households. The projects are expected to drastically reduce emissions by nearly four million tons annually. AVANGRID emphasizes the importance of these developments in addressing the energy and climate crisis in New England.
AVANGRID (NYSE: AGR) has announced significant advancements in its clean energy initiatives in Massachusetts, particularly with the Vineyard Wind 1 project, set to deliver 800 MW of offshore wind energy and create 3,600 jobs. Key milestones include securing 62 GE Haliade-X turbines and obtaining necessary permits. Projected first power delivery is expected by late 2023, with full commercial operation in 2024. AVANGRID is committed to investing $10 billion in the region, which includes the Commonwealth Wind project aiming for 1,200 MW of emissions-free energy, despite facing challenges from the current economic climate.
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