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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) will release its first quarter 2021 earnings on May 4, 2021, at 10:00 A.M. ET, followed by a webcast for analysts and investors. The company, valued at approximately $38 billion, serves over 3.3 million customers across its utilities in New York and New England. AVANGRID operates primarily in two sectors: Networks and Renewables, promoting sustainable energy. Recognized for its commitment to ethics and the environment, AVANGRID has been included in the 2021 JUST 100 list and ranked among the World’s Most Ethical Companies.
AVANGRID (NYSE: AGR) has announced a stipulation agreement with the New Mexico Attorney General and various community organizations that will enhance economic development and customer benefits as part of its merger with PNM Resources (NYSE: PNM). Key features include $50 million in rate credits, $6 million in COVID relief, and the creation of 150 new jobs over three years. The agreement also includes $12.5 million in contributions to community groups. The New Mexico Public Regulation Commission will review this stipulation in the ongoing merger proceedings.
AVANGRID, Inc. (NYSE: AGR) has declared a quarterly dividend of $0.44 per share, set for payment on July 1, 2021, to shareholders recorded by the close of business on June 4, 2021. The company operates in 24 U.S. states, managing assets worth approximately $38 billion. With a commitment to sustainable energy, AVANGRID serves over 3.3 million customers through its utility and renewable energy divisions. The company has received accolades for its corporate citizenship, ranking high on Forbes and Just Capital's lists.
AVANGRID, Inc. (NYSE: AGR) will release its first quarter 2021 financial results after the market closes on May 3, 2021. A corresponding advisory will be published that evening, with a link to detailed results available on the company's website. A conference call for analysts will take place on May 4, 2021, at 10:00 A.M. ET, featuring an overview of the financial results and a Q&A session. AVANGRID operates in 24 U.S. states with a focus on renewable energy and utility services, and has made notable strides in sustainability and corporate responsibility.
AVANGRID (NYSE: AGR) has achieved a unanimous settlement with the Public Utility Commission of Texas regarding its proposed merger with PNM Resources (NYSE: PNM). The PUCT will review the agreement, which all parties claim is in the public interest. This follows recent approvals from shareholders, the FCC, and CFIUS. The merger, valued at $8.3 billion at $50.30 per share, aims to create a leading clean energy entity with operations across multiple states.
AVANGRID (NYSE: AGR) has received approval from the FCC for the transfer of operating licenses related to its proposed merger with PNM Resources (NYSE: PNM). This follows the recent green light from PNM Resources' shareholders and clearance from CFIUS. The merger, originally announced in October 2020, involves an all-cash offer of $50.30 per share, valuing the transaction at $8.3 billion. The combined entity aims to enhance clean energy delivery across New Mexico and Texas, while further regulatory approvals are still pending.
AVANGRID, Inc. (NYSE: AGR) announced that the U.S. Bureau of Ocean Energy Management has released the Final Environmental Impact Statement for the Vineyard Wind 1 project. This marks a critical step towards the project's construction, which aims to deliver 800 MW of clean energy to Massachusetts by 2023. The initiative is projected to create 3,600 full-time jobs and reduce electricity rates by $1.4 billion over 20 years, while cutting carbon emissions by over 1.6 million metric tons annually.
AVANGRID, Inc. (NYSE: AGR) announced a consolidated U.S. GAAP net income of $166 million for Q4 2020 and $581 million for the full year, translating to $0.54 and $1.88 per share respectively. Non-U.S. GAAP adjusted net income was $191 million for Q4 and $625 million for the year. The company achieved strategic milestones, including settling rate cases and advancing offshore wind projects. AVANGRID affirms its 2021 earnings guidance of $2.15-$2.35 per share, indicating a strong outlook for growth in the sustainable energy sector.
AVANGRID (NYSE: AGR) has been recognized as one of the 2021 World’s Most Ethical Companies by Ethisphere for the third consecutive year. AVANGRID is among nine honorees in the Energy and Utilities sector, part of a total of 135 honorees across 21 countries. The recognition underscores AVANGRID's commitment to ethical behavior and its strong ESG+F strategy. Ethisphere research also indicates that ethical companies outperform their peers in the stock market, highlighting the correlation between ethics and financial performance.
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