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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, Inc. (NYSE: AGR) will release its Q2 2021 financial results on July 20, 2021, after market close. A news release will be available on the Investors' section of their website. Following this, a webcast conference call hosted by the executive team will take place on July 21, 2021, at 10:00 A.M. ET, providing an overview of the results and a Q&A session. AVANGRID operates in 24 U.S. states, with approximately $38 billion in assets and serves over 3.3 million customers, emphasizing its commitment to sustainability and ethical business practices.
AVANGRID (NYSE: AGR) recently advanced its merger application with PNM Resources, receiving a procedural schedule from New Mexico's Public Regulation Commission for upcoming hearings. Scheduled from August 11-20, 2021, these hearings will address an amended stipulation supported by multiple stakeholders, promising over $270 million in benefits for New Mexico. Key customer benefits include $50 million in rate credits and $6 million in COVID relief. The merger approval process is nearing completion, with five agencies already approving the deal, leaving only the NMPRC's decision pending.
The New Mexico Public Regulation Commission (NMPRC) has set a procedural schedule for the merger application between Public Service Company of New Mexico (PNM) and AVANGRID (AGR). This follows AVANGRID's resolution of regulatory issues and reflects its commitment to transparency. An evidentiary hearing is slated for August 11-20, 2021, with the merger expected to bring over $270 million in benefits to New Mexico. The merger has received approvals from federal agencies and the Texas Public Utility Commission, with NMPRC approval as the final requirement.
AVANGRID (NYSE: AGR) has secured Nuclear Regulatory Commission (NRC) approval for its merger with PNM Resources (NYSE: PNMR), marking the sixth governmental approval. The only remaining approval is from the New Mexico Public Regulation Commission (NMPRC). Benefits of the merger include $50 million in customer rate credits, $6 million in COVID relief, and 150 new jobs over three years. AVANGRID aims to stimulate economic growth and enhance clean energy initiatives in New Mexico. A NMPRC hearing is scheduled for May 28.
PNM Resources (NYSE: PNM) and AVANGRID (NYSE: AGR) received approval from the Nuclear Regulatory Commission for their merger, leaving only the New Mexico Public Regulation Commission’s approval pending. This marks the sixth regulatory entity to approve the merger. The merger promises significant benefits for PNM customers, including $50 million in rate credits and $6 million in COVID arrearages relief. Additionally, it includes over $250 million in economic development commitments for New Mexico, aimed at job creation and community support.
AVANGRID, Inc. (NYSE:AGR) will participate in the AGA Financial Forum starting May 19, 2021. Interested investors can access marketing materials through the Company's Investors section of its website. AVANGRID, headquartered in Orange, CT, operates in 24 U.S. states with approximately $38 billion in assets. The company serves over 3.3 million customers and has been recognized for its sustainability efforts, ranking as one of America's best corporate citizens.
AVANGRID, Inc. (NYSE: AGR) announced that the U.S. Bureau of Ocean Energy Management (BOEM) has issued a Record of Decision for the Vineyard Wind 1 project, an 800 MW offshore wind initiative. This approval allows construction to commence, marking a significant step in the U.S. transition to renewable energy. Vineyard Wind 1 is expected to power over 400,000 homes and create 3,600 job years while saving electricity costs by $1.4 billion over two decades and reducing carbon emissions by 1.6 million metric tons annually.
The Public Utility Commission of Texas has approved the merger of PNM Resources (NYSE: PNM) with AVANGRID (NYSE: AGR). This unanimous decision, reached on May 6, 2021, followed earlier approvals from federal agencies and PNM shareholders. The merger is projected to provide over $272 million in benefits to PNM customers and enhance environmental commitments. The next regulatory milestone is a revised stipulation filing with the New Mexico Public Regulation Commission on May 7. PNM aims for 100% emissions-free energy by 2040.
AVANGRID (NYSE: AGR) received approval from the Public Utility Commission of Texas for its merger with PNM Resources. This unanimous agreement anticipates over $16 million in rate relief for Texas-New Mexico Power Company customers over three years. CEO Dennis Arriola highlighted that the merger is beneficial for customers and continues local management. The merger, valued at $8.3 billion, positions AVANGRID as a major player in the clean energy sector, operating ten utilities across six states and becoming the third-largest renewables company in the U.S.
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