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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.
Guidehouse has launched the Building the Clean Hydrogen Economy consortium to advance the use of clean hydrogen in the U.S. energy sector. Since fall 2021, over 20 organizations, including Ameresco and AVANGRID, have collaborated on pilot projects aimed at decarbonizing heavy transport and integrating renewables. Key projects involve heavy-duty transport and green ammonia production. The consortium emphasizes scalable business models and partnerships, targeting clean hydrogen demand by 2025-2030.
AVANGRID, Inc. (NYSE:AGR) announced its fourth quarter and full year 2021 earnings, available in the Investors section of its website. A webcast conference call will be held on February 23, 2022, at 10:00 A.M. ET, where the executive team will discuss the financial results and answer questions. AVANGRID, headquartered in Orange, CT, manages approximately $40 billion in assets across 24 states. The company operates Avangrid Networks and Avangrid Renewables, serving over 3.3 million customers.
AVANGRID, Inc. (NYSE: AGR) has announced several key executive appointments aimed at enhancing its leadership structure and achieving its goal of becoming the leading sustainable energy company in the U.S. CEO Dennis V. Arriola emphasized the importance of diverse leadership in driving accountability and collaboration. Significant appointments include Kyra Patterson as Chief Human Resources Officer, Patricia Cosgel as Interim CFO, and Dave Labelle as Chief Administrative Officer. These changes reflect the company's commitment to strategic growth and effective execution.
AVANGRID Inc. (NYSE: AGR) and Prysmian Group have announced a significant agreement to develop a new offshore wind cable manufacturing facility at the former Brayton Point coal plant in Somerset, Massachusetts. This facility will support AVANGRID's Commonwealth Wind project, encompassing 1,232 Megawatts (MW) of capacity. The facility represents a $200 million investment and aims to create over 150 high-skilled jobs, contributing to local economies and the transition to clean energy.
Commonwealth Wind, selected in December 2021, is expected to power 750,000 homes and create 11,000 jobs over its lifecycle.
AVANGRID, Inc. (NYSE: AGR) has declared a quarterly dividend of
AVANGRID (NYSE: AGR) announced that Security Limits, Inc. has voluntarily dismissed its defamation case against the company and its major shareholder, Iberdrola, S.A. Security Limits offered no evidence or sworn testimony to support its accusations, which AVANGRID has consistently asserted are unfounded. Although the New York case is dismissed, AVANGRID is pursuing defamation claims against Security Limits in New Mexico. AVANGRID maintains its commitment to ethical business practices, having been recognized as one of the World’s Most Ethical Companies for three consecutive years.
AVANGRID, Inc. (NYSE:AGR) will release its fourth quarter and full year 2021 financial results on February 22, 2022, after market close. The advisory news release will provide a link to the financial results posted on their website. A webcast conference call for analysts will follow on February 23, 2022, at 10:00 A.M. ET, featuring an overview of the results and a Q&A session. AVANGRID operates in 24 states with $39 billion in assets, focusing on sustainable energy through its Networks and Renewables segments.
Avangrid Renewables has appointed Ken Kimmell as Vice President of Development for Offshore Wind, effective immediately. Kimmell will focus on permitting, stakeholder relations, and project development for the company's offshore wind initiatives. He brings over 30 years of expertise in energy and environmental issues, previously serving as president of the Union of Concerned Scientists. Kimmell expressed enthusiasm for addressing climate change through offshore wind projects that gain public support and offer benefits to coastal communities.
AVANGRID (NYSE: AGR) expressed support for the upcoming auction by the Bureau of Energy and Ocean Management for offshore wind lease areas in the New York Bight, scheduled for February 23, 2022. With a robust offshore wind project portfolio of 4.9 GW, including projects like Vineyard Wind 1 and Commonwealth Wind, AVANGRID aims to advance clean energy and community benefits. The company emphasizes its commitment to sustainable energy development, workforce initiatives, and marine protections as integral to its project execution.
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