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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 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.
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.
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.
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.
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.
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.
PNM Resources and AVANGRID announced a merger agreement whereby AVANGRID will acquire PNM Resources for $50.30 per share, signaling a total equity value of approximately $4.3 billion. This transaction, expected to close between October and December 2021, aims to establish a robust regulated utility and renewable energy platform, serving over 4 million customers and encompassing a $14 billion rate base. The merger is seen as strategically beneficial for both companies, enhancing operational synergies and supporting a transition to clean energy.
AVANGRID (NYSE: AGR) has announced the merger with PNM Resources (NYSE: PNM), following approval from both boards. This strategic transaction aims to enhance AVANGRID's clean energy distribution and transmission capabilities and is projected to be EPS accretive in the first full year post-closing. Shareholders of PNM will receive approximately $4.318 billion in cash, representing a premium of 10% over PNM's recent share price. The merger, contingent on regulatory approvals, is expected to support AVANGRID's growth in regulated earnings, which is anticipated to exceed 80% after integration.
AVANGRID, Inc. (NYSE: AGR) reported a consolidated GAAP net income of $87 million ($0.28/share) for Q3 2020, down from $150 million ($0.48/share) in Q3 2019. Year-to-date net income reached $415 million ($1.34/share), compared to $477 million ($1.54/share) in 2019.
Challenges included increased expenses, lower wind production, and market pricing issues. The updated full-year outlook is $1.90-$2.00 per share. The company received recognition for its corporate citizenship, ranking first in the utility industry on Forbes' JUST 100 list.
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