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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) will announce its Q2 2022 financial results on July 26, 2022, after market close. The results will be available in the Investors’ section of their website. Following the release, a webcast conference call will occur on July 27, 2022, at 10:00 A.M. ET, featuring the executive team’s presentation and a Q&A session. AVANGRID, headquartered in Orange, CT, operates in 24 states and manages approximately $40 billion in assets, focusing on both utility services and renewable energy generation.
AVANGRID (NYSE: AGR) has signed the United Nations Global Compact Sustainable Ocean Principles, committing to sustainable and responsible ocean energy projects. This aligns with their ongoing efforts to advance offshore wind power in the U.S., with a projected pipeline of 5 GW capable of powering over 2 million households. The company emphasizes the integration of ocean-related risks into its corporate strategy. AVANGRID's CEO highlighted their dedication to environmentally responsible practices in offshore wind development, furthering their commitment to ocean resource preservation.
AVANGRID (NYSE: AGR) has appointed Kimberly Harriman as Senior Vice President of State Government Affairs & Corporate Communications, effective immediately. Harriman, who has served as Vice President since 2020, will lead internal and external communications and oversee state government relations across multiple states. CEO Pedro Azagra welcomed her to the executive team, highlighting her track record and the importance of her role in advocating for state policies that align with the company's clean energy vision. Harriman is a law school graduate with a background in public service.
AVANGRID, Inc. (NYSE: AGR) has appointed Patricia Nilsen as the President and CEO of its subsidiaries, New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E), effective July 1, 2022. Nilsen is the first woman to hold this position in the companies' 175-year history, succeeding Carl Taylor, who retires on June 30, 2022. Nilsen brings nearly three decades of experience in the energy sector, previously serving in key leadership roles, including emergency preparedness and reliability compliance. She will lead operations serving over 1.2 million electric and 579,000 natural gas customers in New York.
AVANGRID, Inc. (NYSE: AGR) announces the appointment of Pedro Azagra Blázquez as its new Chief Executive Officer. With extensive experience in the energy sector and a prior tenure on AVANGRID's Board of Directors, Azagra aims to lead the company towards a sustainable energy future. Under his leadership, AVANGRID plans to enhance its reputation as a leader in ESG+F and further capitalize on opportunities in the offshore wind space. Azagra has a strong background with Iberdrola, facilitating over $22 billion in mergers and strategic projects.
AVANGRID (NYSE: AGR) has proposed changes to delivery rates for its subsidiaries, New York State Electric & Gas and Rochester Gas and Electric, with the plan named “Reliable Energy New York.” The proposal aims to enhance infrastructure, customer service, and promote renewable energy. The average delivery cost will increase by $10-18 per month (13-22%), effective May 1, 2023. The initiative includes significant investments in reliability, smart technology, and support for low-income communities, while maintaining competitive rates in New York.
Avangrid Renewables has signed a Host Community Agreement with the Town of Barnstable for the Park City Wind project, marking a significant milestone in the U.S. offshore wind industry. The agreement ensures $16 million in host community fees and supports a coordinated construction plan that aligns with local sewer projects. Park City Wind, an 800 MW project, will provide clean energy to around 400,000 homes and significantly reduce greenhouse gas emissions. It is scheduled for completion in 2026, reinforcing Avangrid's commitment to sustainable energy development.
AVANGRID (NYSE:AGR) will participate in the AGA Financial Forum starting on May 17, 2022. Investors can access presentation materials after market close on the company's Investor Relations website. Headquartered in Orange, CT, AVANGRID boasts approximately $40 billion in assets, operating in 24 U.S. states. It serves over 3.3 million customers through its utility network and emphasizes sustainability through its renewable energy initiatives. Recognized for its corporate citizenship, AVANGRID ranks high in environmental commitment and ethical standards.
AVANGRID, through its subsidiary The United Illuminating Company (UI), has partnered with Bidgely to introduce Connecticut's first electric vehicle (EV) managed charging program.
This initiative aims to shift EV charging to off-peak hours, supporting the state's goal of 125,000 to 150,000 EVs on the road by 2025. The program, launched on January 1, 2022, will enhance grid flexibility and minimize energy costs for customers who opt in. It uses Bidgely's innovative technology to identify EV owners and incentivize off-peak charging.
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