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Avangrid, Inc. - AGR STOCK NEWS

Welcome to our dedicated page for Avangrid news (Ticker: AGR), a resource for investors and traders seeking the latest updates and insights on Avangrid stock.

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.

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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.

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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.

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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.

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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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AVANGRID, Inc. (NYSE: AGR) announced a quarterly dividend of $0.44 per share, payable on January 4, 2021, to shareholders of record as of December 11, 2020. The company, with approximately $36 billion in assets, operates across 24 U.S. states through its two main segments: Avangrid Networks and Avangrid Renewables. Avangrid serves over 3.3 million customers and was recognized as one of the World's Most Ethical Companies in both 2019 and 2020.

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AVANGRID (NYSE: AGR) has partnered with EV Connect to enhance its electric vehicle (EV) services through advanced data analytics. This collaboration aims to forecast electricity needs, assess grid impacts, and inform infrastructural planning for a robust EV charging ecosystem. AVANGRID will utilize data to address commercial, industrial, and home charging requirements while planning for its fleet's electrification. The initiative aligns with AVANGRID's sustainability goals, supporting strategic investments for a decarbonized economy.

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AVANGRID (NYSE: AGR) has appointed Kim Harriman as Vice President of State Government and Public Affairs, effective December 14. Harriman brings extensive experience in public policy and government affairs from her previous role at the New York Power Authority (NYPA), where she led advocacy and managed community engagement. The company aims to leverage her expertise in advancing its policy strategies to meet climate goals and enhance its role in the energy transition, as stated by Deputy CEO Robert Kump.

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AVANGRID (NYSE: AGR) will host its first virtual investor day on November 5, 2020, at 1:00 p.m. ET, to discuss 2021 earnings guidance and a strategic outlook through 2025. The company anticipates earnings between $2.15 and $2.35 per share and projects 6-8% annual EPS growth. AVANGRID plans to invest over $20 billion in regulated and contracted projects, including $4.3 billion related to its merger with PNM Resources. The investor day aims to present AVANGRID's sustainable business model within the ESG framework and highlight its commitment to clean energy innovations.

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AVANGRID (NYSE: AGR) announced the U.S. Army Corps of Engineers has approved the New England Clean Energy Connect (NECEC), a pivotal renewable energy project. This corridor will transport hydropower from Quebec to New England, generating over $570 million for Maine's economy, creating 1,600 jobs, and cutting greenhouse emissions by three million metric tons annually. With a total investment of $950 million, the NECEC aims to be the region's largest renewable energy source, significantly reducing energy costs for consumers while enhancing the local energy grid.

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FAQ

What is the current stock price of Avangrid (AGR)?

The current stock price of Avangrid (AGR) is $35.745 as of October 25, 2024.

What is the market cap of Avangrid (AGR)?

The market cap of Avangrid (AGR) is approximately 13.9B.

What does Avangrid, Inc. do?

Avangrid, Inc. is a diversified energy and utility company engaged in electric and natural gas utilities and renewable energy generation through wind and solar power.

Where is Avangrid, Inc. headquartered?

Avangrid, Inc. is headquartered in Orange, Connecticut.

Who owns Avangrid, Inc.?

Avangrid, Inc. is majority-owned by Iberdrola S.A., a global leader in the energy industry based in Spain.

What are the primary lines of business for Avangrid, Inc.?

Avangrid operates through two primary lines of business: Networks, which includes electric and natural gas utilities, and Renewables, focused on wind and solar power generation.

How many customers does Avangrid serve?

Avangrid serves more than 3.3 million customers in New York and New England through its Networks business.

What are some recent achievements of Avangrid, Inc.?

Recent achievements include successful conservation efforts for the endangered California condor and significant advancements in renewable energy technologies showcased at the company’s Innovation Forum.

What is Avangrid’s commitment to sustainability?

Avangrid is committed to sustainability and corporate responsibility, earning accolades like a spot on USA Today’s list of America’s Climate Leaders 2024 and recognition by the Ethisphere Institute as one of the World’s Most Ethical Companies for six consecutive years.

What community initiatives is Avangrid involved in?

Avangrid supports community initiatives like Habitat for Humanity, donating $135,000 to support affordable housing projects, and engages in local renewable energy projects.

What is Vineyard Wind 1?

Vineyard Wind 1 is set to be the first large-scale offshore wind farm in the U.S., expected to generate electricity for over 400,000 homes and significantly reduce carbon emissions.

How can I learn more about Avangrid, Inc.?

To learn more about Avangrid, Inc., visit their official website at www.avangrid.com.

Avangrid, Inc.

NYSE:AGR

AGR Rankings

AGR Stock Data

13.86B
386.91M
81.62%
12.31%
0.39%
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