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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) is set to release its third quarter 2022 financial results on October 25, 2022, after market close. The results will be available on the company’s Investor Relations website.
Following the release, a conference call for analysts will occur on October 26, 2022, at 10:00 A.M. ET, featuring an overview of financial results and a Q&A session.
AVANGRID, headquartered in Orange, CT, manages around $40 billion in assets across 24 states, focusing on utilities and renewable energy.
AVANGRID, Inc. (NYSE: AGR) announced an Investor Day on September 22, 2022, showcasing its financial outlook and strategic plans. The company expects a 6-7% compound annual growth rate (CAGR) for earnings per share (EPS) through 2025, reaffirming EPS guidance of $2.20-$2.38 for 2022. AVANGRID plans to invest approximately $15 billion by 2025, focusing on regulated Networks. Additionally, the company aims for carbon neutrality in emissions by 2030 and will strengthen its balance sheet through asset rotation and strategic partnerships.
AVANGRID, Inc. announced the consolidation of its onshore and offshore renewable businesses, appointing Jose Antonio Miranda as President and CEO of Avangrid Renewables. This strategic decision aims to enhance asset value, project execution, and leverage synergies across its renewables portfolio. Miranda's previous experience includes leadership roles at Siemens Gamesa and as Co-CEO of Avangrid Renewables. Headquartered in Orange, CT, AVANGRID operates across 24 U.S. states with approximately $40 billion in assets and serves over 3.3 million customers.
AVANGRID announced a unanimous decision by Maine's Law Court, favoring the New England Clean Energy Connect (NECEC) project. This ruling is seen as a key step towards expanding clean energy, reducing carbon emissions, and improving the energy market in New England. The NECEC project promises to create hundreds of jobs and attract significant investment while delivering lower energy prices. It aims to eliminate more than 3 million metric tons of carbon emissions, equivalent to removing 700,000 cars from the road. This outcome positions Maine towards a sustainable energy future.
In a unique pilot program, fleet managers plan to electrify 285 vehicles, aiming to reduce CO2 emissions by over 7,000 tons annually, equivalent to the emissions from 14,700 barrels of oil. The program involved workshops led by CLEAResult, NYSEG, and RG&E, focusing on actionable electrification plans specific to each organization. Avangrid’s subsidiaries will support the transition with various incentives and funding opportunities. The program successfully enabled participants to create tailored electrification roadmaps, demonstrating a commitment to sustainability and climate improvement.
AVANGRID, Inc. (NYSE: AGR) announced the appointments of María Fátima Báñez García and Camille Joseph Varlack to its Board of Directors, alongside Donna S. Watson's appointment to the Avangrid Networks Board. These appointments aim to enhance the company's leadership diversity, with female and minority representation rising to 29% on the main board and 57% for independent members. Both Báñez and Varlack bring a wealth of expertise in public policy and risk management, crucial for driving AVANGRID's growth strategy and long-term shareholder value.
AVANGRID (NYSE: AGR) has secured an agreement to manage the operations of Vineyard Wind 1, the U.S.'s first commercial-scale offshore wind project, currently under construction off Massachusetts. This 800 MW project is a joint venture with Copenhagen Infrastructure Partners, expected to power over 400,000 homes and cut carbon emissions by 1.6 million tons annually. AVANGRID will oversee operations, hire 20 qualified staff, and utilize IBERDROLA's experience. The project is set to deliver energy in 2023 and commence operations in 2024, marking significant progress in U.S. offshore wind.
AVANGRID (NYSE:AGR) announced its Q2 2022 earnings via a press release and will host a webcast conference call on
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