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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 Renewables has successfully restructured its Vineyard Wind joint venture, positioning itself as the largest offshore wind supplier in New England. With a robust offshore wind pipeline totaling 4.9 GW, the company aims to power over 2 million households. Key projects include Park City Wind (804 MW), Commonwealth Wind (1232 MW), and the Vineyard Wind 1 (800 MW). The leadership team has been enhanced, with plans to add up to 100 professionals next year, strengthening their capacity in a growing sector.
Avangrid Renewables has restructured its Vineyard Wind joint venture, becoming New England's largest offshore wind supplier. The company now holds a total offshore wind pipeline of 4.9 GW, capable of powering over 2 million homes. The restructuring solidifies Avangrid's role in the U.S. offshore wind sector, aiming to meet the nation's clean energy target of 30 GW by 2030. Recent leadership appointments are expected to enhance project management and growth strategies. Key projects include Vineyard Wind 1, Park City Wind, and Commonwealth Wind, collectively contributing 2,804 MW to the region.
AVANGRID, Inc. (NYSE: AGR) announced an extension of the merger agreement with PNM Resources (NYSE: PNM) to April 20, 2023, amidst an appeal of the New Mexico Supreme Court's order that rejected the merger. The partnership aims to enhance New Mexico's clean energy initiatives. The merger, already endorsed by several federal agencies, promises over $300 million in community benefits, while ensuring local control of utility operations. The companies are committed to continue collaboration during the appeal process, with provisions for termination under specific conditions.
Avangrid Renewables announced its joint venture offshore wind project, Commonwealth Wind, selected in Massachusetts' third offshore wind procurement. This 1,232 MW project will create over 11,000 jobs and power 750,000 homes yearly. The initiative transforms coal-fired sites into clean energy hubs, expanding Avangrid's offshore wind portfolio to 2,400 MW. It also establishes the state's first offshore wind manufacturing facility and a second offshore wind port, marking a significant step towards the U.S. offshore wind target of 30 GW by 2030.
AVANGRID, Inc. (NYSE: AGR) expressed disappointment over the Public Regulation Commission’s recent decision to reject a key agreement. The company is currently assessing its next steps while emphasizing its ongoing commitment to generating economic, social, and environmental value across 24 states. AVANGRID remains optimistic about its future and acknowledges the contributions of its dedicated team, particularly highlighting the groundbreaking of Vineyard Wind, the nation's first significant offshore wind energy project.
AVANGRID, a prominent sustainable energy company, has initiated a lawsuit in New Mexico against Security Limits, Inc. and its CEO, Paulo Silva, for defamation and tortious interference. The company claims Silva, a former subcontractor, attempted to exploit the merger review process with PNM Resources to extort contracts. His allegations coincide with efforts by New Energy Economy to block the merger. AVANGRID asserts its commitment to vigorously counter these meritless claims and has previously dismissed Silva's allegations. The company operates with approximately $39 billion in assets across 24 states.
On December 2, 2021, PNM Resources (NYSE: PNM) and AVANGRID (NYSE: AGR) held a news conference to address concerns regarding their proposed merger. Key stakeholders, including various New Mexico organizations, expressed strong support for the merger, highlighting anticipated benefits such as $94 million in customer advantages and a $300 million economic impact. PNM's CEO emphasized the merger's role in achieving renewable energy goals, while AVANGRID executives stressed their commitment to ethical management and local governance. The New Mexico Attorney General called the merger a historic opportunity for the state.
AVANGRID, Inc. (NYSE:AGR) has declared a quarterly dividend of $0.44 per share on its Common Stock, payable on January 3, 2022, to shareholders of record as of December 13, 2021. The company, headquartered in Orange, CT, manages approximately $39 billion in assets across 24 U.S. states, focusing on sustainable energy through its Avangrid Networks and Avangrid Renewables sectors. AVANGRID is recognized as a leader in corporate responsibility and commitment to sustainability.
NECEC Transmission LLC and Avangrid Networks, Inc., subsidiaries of Avangrid (NYSE: AGR), have filed a lawsuit in Maine Superior Court against the citizens’ initiative Question 1, which seeks to block the New England Clean Energy Connect (NECEC) transmission project. The lawsuit claims that the initiative is unconstitutional and violates several legal principles, including vested rights and the separation of powers. Construction of the $950 million NECEC project is underway, aiming to deliver 1,200 megawatts of hydropower from Quebec to New England, and provide significant economic benefits and renewable energy.
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