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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.
Iberdrola, a global clean energy leader, honored four employees from the UK, Spain, US, and Brazil for their outstanding volunteer work at an awards ceremony in Glasgow. The event, attended by Iberdrola Executive Chairman Ignacio Galán and other dignitaries, celebrated the company's commitment to charity and volunteering.
The winners were recognized for their efforts in various areas:
- Pola Michalska (UK): Education Award for cancer research support
- John Schenck (US): Engagement and Promotion Award for inspiring volunteerism at Avangrid
- Layla Rebeca Gomes Costa (Brazil): Raising awareness about electrical grid safety and promoting literacy
- David Aldazabal Uncilla (Spain): Environment Award for forest recovery initiatives
Iberdrola's volunteer programs benefit over 10 million people across 24 countries, with more than a quarter of its workforce participating annually.
Avangrid, a sustainable energy company and Iberdrola Group member, has shared photos of its lineworkers restoring power in Woodlawn and Galax, Virginia, following the impact of Hurricane Helene. The crews, hailing from utilities in New York, Connecticut, and Maine, have been deployed to assist communities affected by the storm.
Pedro Azagra, Avangrid CEO, expressed pride in the crews' efforts, stating, "Our crews are going above and beyond for these communities, just like they do for their customers back home, and I'm incredibly proud of the service they are providing to so many in need after this historic storm."
Avangrid, a leading sustainable energy company operating in 24 states, has fully implemented its return-to-office policy in early 2024. This move aims to maximize efficiency, agility, and engagement of its 8,000+ workforce. Since implementation, the company has seen a 70% increase in occupancy of its nine main offices, averaging nearly 2,000 employees daily.
CEO Pedro Azagra emphasized that face-to-face collaboration will ensure continued success in America's clean energy transition. To ease the transition, Avangrid provided advanced notice, established feedback loops, and implemented additional resources. The company also expanded commuter benefits and renewed its commitment to sustainable transportation incentives.
Avangrid, Inc. (NYSE: AGR) is deploying 73 line crews from its electric utilities in New York, Connecticut, and Maine to support hurricane recovery efforts in Virginia and North Carolina. This response follows Hurricane Helene, a Category 4 storm that left millions without power across the Southeast. The assistance was requested through the North Atlantic Mutual Assistance Group.
The deployment includes:
- 25 crews from NYSEG & RG&E in New York
- 28 crews from United Illuminating in Connecticut
- 20 crews from Central Maine Power in Maine
In total, 198 internal line workers, damage assessors, and support staff will be involved. Avangrid CEO Pedro Azagra emphasized the company's commitment to restoring power and the importance of mutual assistance in wide-scale restoration efforts. The company has previously assisted in recovery efforts, such as after Hurricane Fiona in Nova Scotia in 2022.
Avangrid (NYSE: AGR) has announced a quarterly dividend declaration by its Board of Directors. The dividend, set at $0.44 per share on the company's Common Stock, was declared on September 26, 2024. Shareholders of record at the close of business on December 2, 2024, will be eligible to receive the dividend payment, which is scheduled for January 2, 2025. This announcement demonstrates Avangrid's commitment to providing regular returns to its shareholders.
Avangrid (NYSE: AGR), a leading sustainable energy company, has generated approximately 15,000 GWh of clean energy from its wind, solar, and hydropower plants in the first eight months of 2024. This clean energy production has prevented over 23 billion pounds of carbon emissions annually, equivalent to the CO2 emissions from about 2.5 million gas-powered passenger vehicles for one year or burning about 11.5 billion pounds of coal.
The company's clean energy projects have sequestered the same amount of carbon as about 12 million acres of U.S. forest land. Avangrid aims to achieve carbon neutrality for Scope 1 and 2 emissions by 2030 and is on track to meet its goal of 9.5 GW of emissions-free installed energy capacity by 2025. The company's sustainability goals include decreasing emissions, increasing electrification, and strengthening its power grid to address climate change and serve customers and communities.
Avangrid (NYSE: AGR) shareholders have approved all proposals at the 2024 Annual Meeting, including the Merger Agreement with Iberdrola. This agreement allows Iberdrola to acquire the remaining 18.4% of Avangrid's stock it doesn't currently own. The merger has received approval from the Maine Public Utilities Commission and the Federal Energy Regulatory Commission. It now awaits approval from the New York Public Service Commission, with the transaction expected to close in Q4 2024.
Shareholders also elected 14 nominees to the Board of Directors, ratified the appointment of the independent public accounting firm, and approved executive compensation. Upon closing, Avangrid will become a privately-held company and delist from the NYSE. CEO Pedro Azagra expressed excitement about Iberdrola's continued investment and commitment to leading the clean energy transition in the United States.
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company, has been ranked second overall among the country's 47 largest investor-owned utilities in the National Public Utilities Council's (NPUC) Annual Utility Decarbonization Report. This marks the second consecutive year Avangrid has achieved this high ranking.
The company received top scores in five out of six categories, ranking first for lowest CO2 emissions from owned and purchased electricity generation and lowest CO2 emissions per residential customer equivalent (RCE). Avangrid's emissions were just 0.3 metric tons of CO2 per customer, significantly below the 5.7 metric ton average of utilities in the report.
Avangrid's ambitious carbon neutrality strategy aligns with SBTi milestones, aiming for carbon neutrality in Scope 1 and 2 emissions by 2030. The company's commitment to decarbonization and clean energy has also led to recognition as one of America's Most Just Companies 2024, one of America's Climate Leaders 2024, and the Most Sustainable Company in the Clean Energy Industry.
Avangrid (NYSE: AGR), a sustainable energy company, has earned the Military Friendly Employer designation for 2024, demonstrating its commitment to supporting the military community. The company has also taken the Military Friendly pledge to solidify this commitment.
CEO Pedro Azagra emphasized Avangrid's dedication to providing veterans with a supportive environment and ensuring a seamless transition into the civilian workforce. The designation measures an organization's efforts in creating meaningful benefits for the military community across six critical areas, including support and retention, opportunity and advancement, and culture and commitment.
Avangrid supports its military-affiliated employees through extensive health and wellbeing programs, employee communities, and growth opportunities. The company's military policy provides pay and benefits exceeding federal requirements. Additionally, Avangrid has a business resource group called AVAN-Veterans, which promotes career development for employees who have served and hosts events to support veteran transition into the workforce.
Avangrid CEO Pedro Azagra issued a statement at the start of Climate Week NYC, emphasizing the company's commitment to leading the clean energy transition in the United States. Azagra highlighted the urgency of addressing climate change, citing extreme weather events as evidence of the need for immediate action.
The CEO outlined Avangrid's progress, including:
- A portfolio of over 9 Gigawatts of installed clean energy
- Construction of America's first large-scale offshore wind farm
- Record investments in network infrastructure to enhance resilience
Azagra stressed Avangrid's dedication to meeting the growing demand for safe, clean, and affordable electricity, while working towards creating a healthier future for generations to come.
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