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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) 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.
AVANGRID (NYSE: AGR) faced significant challenges due to unprecedented cold weather in Texas, impacting millions. Despite these conditions, the company maximized output at its wind generation facilities, fulfilling delivery obligations and contributing to energy supply during the crisis. With approximately $38 billion in assets and operations across 24 states, AVANGRID has a commitment to sustainable energy and employs around 6,600 people.
AVANGRID, Inc. (NYSE:AGR) has declared a quarterly dividend of $0.44 per share on its Common Stock, payable on April 1, 2021, to shareholders of record as of the close of business on March 5, 2021. The company, with approximately $36 billion in assets and operations across 24 U.S. states, operates through two main divisions: Avangrid Networks and Avangrid Renewables. It serves over 3.3 million customers and employs around 6,600 people, highlighting its commitment to sustainability and ethical practices.
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.
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