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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 (NYSE: AGR) has announced an open solicitation for transmission service for the Excelsior Connect, a proposed 260-mile underground clean energy superhighway in New York. This project aims to enhance New York City’s access to clean energy and decrease reliance on fossil fuels, supporting the state's Climate Leadership and Community Protection Act. The 1310 MW bidirectional line will facilitate renewable energy delivery into New York City. AVANGRID seeks developers to respond to the NYSERDA Tier 4 RFP due May 12, 2021, with expressions of interest submitted by March 8, 2021.
AVANGRID, Inc. (NYSE: AGR) achieved a significant milestone in its merger with PNM Resources, Inc. (NYSE: PNM), with PNM's shareholders voting overwhelmingly in favor of the transaction. Announced in October 2020, the deal is valued at $8.3 billion, offering PNM shares at $50.30 each. The merger will create one of the largest clean energy companies in the U.S., operating ten regulated utilities across six states. Regulatory approvals are ongoing, with recent clearance from CFIUS and the expiration of the Hart-Scott-Rodino waiting period.
Portland General Electric (NYSE: POR) announced that Intel (NASDAQ: INTC) has joined its Green Future Impact program, securing a 15-year agreement with Avangrid Renewables (NYSE: AGR) for a new 138-megawatt solar facility in Wasco County, Oregon. This facility, dubbed Daybreak Solar, will support Intel's energy needs and create 150-200 jobs during peak construction. The project will produce power for over 32,000 homes and generate about $30 million in economic benefits. Intel's participation fills the program's original 300-megawatt capacity, demonstrating a significant commitment to renewable energy.
AVANGRID (NYSE: AGR) announced the appointment of Catherine S. Stempien as President & CEO of its subsidiary, Avangrid Networks, effective March 15. Stempien succeeds retiring Tony Marone, who has been with the company for 33 years. With extensive experience at Duke Energy, where she led operations serving over 1.8 million customers, Stempien is anticipated to bring new ideas to enhance service delivery and sustainability initiatives for AVANGRID's 3.3 million customers across New York and New England.
AVANGRID (NYSE: AGR) will announce its fourth quarter and full-year 2020 financial results on February 23, 2021, after market close. A webcast conference call for analysts will follow on February 24, 2021, at 10:00 A.M. Eastern time. AVANGRID operates in 24 U.S. states with approximately $35 billion in assets, serving over 3.3 million customers in New York and New England. The company focuses on sustainability and was recognized as one of the World’s Most Ethical Companies in 2019 and 2020.
AVANGRID (NYSE: AGR) has received clearance from CFIUS concerning its proposed merger with PNM Resources (NYSE: PNM), indicating no national security concerns regarding the transaction. Following the recent expiration of the HSR Act waiting period, AVANGRID is optimistic about obtaining all necessary approvals to complete the merger in the second half of 2021. The merger, announced in October 2020, involves an all-cash offer of $50.30 per share, valuing the deal at $8.3 billion. Upon completion, the merged entity will be a significant player in the U.S. clean energy sector.
Avangrid Renewables has successfully commissioned the Tatanka Ridge Wind Farm, with a capacity of 154.8 MW, on January 5, 2021. Located in Deuel County, S.D., this facility features 56 wind turbines and is jointly owned by Avangrid (15%) and WEC Energy Group (85%). The power purchase agreement with Dairyland Power Cooperative will provide 51.6 MW of renewable energy, enough to power approximately 16,000 homes. The project is set to generate $1.7 million in local economic benefits annually.
AVANGRID (NYSE: AGR) has successfully obtained the Presidential Permit from the US Department of Energy for its New England Clean Energy Connect (NECEC) project, completing all major permitting phases. Construction has commenced, allowing the project to deliver 1,200 megawatts of renewable hydropower from Hydro-Quebec to Maine. The $950 million investment is expected to create over 1,600 jobs and provide significant economic benefits, including infrastructure upgrades and lower electric rates. The project aims to cut three million metric tons of harmful emissions annually.
Avangrid Renewables submitted a Construction and Operations Plan (COP) for the Kitty Hawk Offshore Wind project to the Bureau of Ocean Energy Management on December 11. The first phase is set to generate approximately 800 MW, contributing to a total capacity of up to 2,500 MW, enough to power 700,000 homes. The project is expected to create nearly 800 jobs and generate $2 billion in economic impact from 2021 to 2030, with significant benefits primarily in the Hampton Roads region. Construction is anticipated to begin in 2024.
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