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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 appointed Jose Antonio Miranda as President Onshore to direct the expansion of its onshore wind and solar operations. Miranda, who previously served as CEO of Onshore for Siemens Gamesa in the Americas, brings valuable leadership experience.
President & CEO Alejandro de Hoz highlighted that Miranda's expertise is critical as the company pursues its ambitious renewable energy goals, particularly following the approval of the Vineyard Wind project. Avangrid, with approximately $39 billion in assets, is committed to becoming a leader in sustainable energy across the U.S.
Avangrid Renewables and Copenhagen Infrastructure Partners have announced a restructuring of their Vineyard Wind joint venture to enhance U.S. offshore wind development. The joint venture will continue to own Vineyard Wind 1, an 800 MW project set to supply energy to Massachusetts starting in 2023, while Avangrid will take ownership of lease area OCS-A 534, including Park City Wind and Commonwealth Wind. The restructuring is expected to streamline project development and includes a $167.5 million payment from Avangrid for full ownership of OCS-A 534.
Santander CIB has announced its role as financial advisor and joint lead arranger for the $2.3 billion financing of Vineyard Wind 1, the first large-scale offshore wind project in the U.S. This 800 MW project, located off Martha’s Vineyard, aims to supply electricity to over 400,000 homes, save ratepayers $1.4 billion over 20 years, and reduce carbon emissions by more than 1.6 million tons annually. Onshore construction commences this year, with power expected to be delivered in 2023.
AVANGRID (NYSE: AGR) has achieved a significant milestone by securing financial closure for the Vineyard Wind 1 project, marking it as the first commercial-scale offshore wind project in the U.S. The project, with a capacity of 800 MW, has obtained approximately
AVANGRID (NYSE:AGR) and PNM Resources (NYSE:PNM) reported strong support for their merger, with nearly all 24 intervenors in the NMPRC proceedings either endorsing or not opposing the agreement. The merger promises customer benefits totaling
On July 30, 2021, PNM and AVANGRID filed additional documents in their merger application, providing new commitments to enhance customer benefits and services in New Mexico. Total customer rate benefits rose from $24.6 million to $88 million, including $65 million in rate credits and $15 million for low-income energy efficiency. Economic development contributions increased to $15 million, with plans to add 150 new jobs. The merger has received prior approvals from five federal agencies, with a key evidentiary hearing scheduled for August 11-20, 2021.
AVANGRID (NYSE: AGR) has joined the Electric Highway Coalition, a group of 14 U.S. utilities focused on establishing a rapid electric vehicle (EV) charging network. This coalition aims to enhance long-distance EV travel with charging stations located less than 100 miles apart. AVANGRID operates four utilities and is committed to sustainable energy solutions, aiming for carbon neutrality by 2035 and a 60% clean energy vehicle fleet by 2030. The coalition's growth reflects a broader industry trend towards facilitating electric vehicle adoption across 29 states.
Avangrid Renewables, a subsidiary of AVANGRID (NYSE: AGR), announced that the U.S. Bureau of Ocean Energy Management has issued a Notice of Intent to prepare an Environmental Impact Study for the Kitty Hawk North offshore wind project. This project, located over 27 miles off the Outer Banks, will have a capacity of at least 800 MW, contributing to a total potential of 2,500 MW in the Kitty Hawk Wind Energy Area. Estimated economic impact is $2 billion, creating nearly 1,000 jobs between 2021 and 2030, supporting clean energy goals in Virginia and North Carolina.
AVANGRID, Inc. (NYSE: AGR) will release its second quarter 2021 earnings on July 21, 2021, at 10:00 A.M. ET. Interested analysts and investors can access the earnings release and accompanying materials on the company's website. AVANGRID aims to be a leader in sustainable energy, with about $39 billion in assets and operations across 24 states, serving over 3.3 million customers. Recognized for its commitment to sustainability and ethics, AVANGRID operates both electric and natural gas utilities and renewable energy facilities.
AVANGRID (NYSE: AGR) is establishing Customer Listening Councils across Maine, New York, Connecticut, and Massachusetts. These councils aim to enhance communication between the company and its customers by enabling direct feedback. The initiative aligns with AVANGRID's commitment to its Environmental, Social, Governance, and Financial (ESG+F) framework. The councils will consist of diverse representatives and meet 3-4 times annually. This customer-focused approach emphasizes operational excellence and aims to address expectations more effectively, thereby enhancing customer satisfaction and trust.
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