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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.
The Avangrid Foundation, the philanthropic arm of Avangrid, Inc. (NYSE: AGR), has granted $45,000 to four Berkshire County arts organizations. The recipients are:
- Barrington Stage Company: $15,000 for their Playwright Mentoring Program
- Hancock Shaker Village: $10,000 for their annual Free Community Day
- Mahaiwe Performing Arts: $10,000 for various inclusive programs
- MASS MoCA: $10,000 for Artist-in-Residence Workshops for Teens
These grants aim to increase access to the arts, particularly for disadvantaged populations, and support cultural preservation and promotion in the Berkshires region.
The Maine Public Utilities Commission (PUC) has approved Avangrid's (NYSE: AGR) request for an exemption from approval requirements for a change in ownership. This decision is related to Iberdrola's acquisition of the remaining 18.4% of Avangrid's shares it doesn't currently own. The transaction will revert to Iberdrola's previously authorized 100% interest from 2008. The PUC relied on facts from Iberdrola's 2008 reorganization case, which included a 59-condition stipulation to protect Maine utilities and ratepayers. This approval follows the U.S. Federal Energy Regulatory Commission's recent approval and recommendations from Institutional Shareholder Services and Glass Lewis. The transaction is expected to close in Q4 2024, pending other approvals.
Avangrid (NYSE: AGR) has opened its new National Training Center (NTC) in Sherman County, Oregon, welcoming the first class of 10 students from 5 states. The state-of-the-art facility, built this summer, will train new hires and upskill current wind and solar technicians. The 2.5-week program focuses on safety and technical training, featuring a 30-foot-tall fall protection tower and hands-on experience with wind turbine components.
The NTC aims to address the growing demand for skilled renewable energy jobs, with plans to train over 100 wind and solar technicians annually. Avangrid's training program aligns with American Clean Power Association guidelines and seeks Global Wind Organisation certification. The center's location near Avangrid's 14 existing wind and solar facilities, with a combined operating capacity of about 1.6 GW, represents additional investment in the region.
Avangrid, Inc. (NYSE: AGR), a sustainable energy company, has garnered 22 awards and recognitions in the first half of 2024. These accolades span various aspects of its business, including employee experience, climate action, career development, and workplace inclusion. Notable awards come from prestigious organizations such as TIME, Ethisphere, JUST Capital, Forbes, and Disability:IN.
Highlights include Avangrid's recognition as America's Climate Leader by USA Today, its inclusion in the JUST 100 list (ranking first in the utility industry and 12th overall), and being named one of the World's Most Ethical Companies by Ethisphere. The company also received accolades for its Student Loan Debt Repayment Program and its emergency response efforts following severe weather events.
CEO Pedro Azagra emphasized that these awards reflect Avangrid's progress in sustainability and climate leadership, as well as the dedication of its employees in building a clean energy future.
Avangrid (NYSE: AGR) has begun installing solar modules at its Camino Solar project in California. With a capacity of 44 MWac (57 MWdc), the project is expected to generate energy equivalent to the consumption of about 14,000 U.S. homes annually. The installation will comprise approximately 105,000 solar modules.
Key highlights:
- Camino Solar is projected to create about 100 local jobs during construction
- It will generate an estimated $15 million in state and local taxes over its lifetime
- The project is located adjacent to Avangrid's 189 MW Manzana wind farm
- Upon completion, Camino will be Avangrid's tenth solar project and its first in California
Avangrid currently operates six wind energy projects in California with a combined capacity of over 500 MW, which have generated $88 million in property taxes to date.
Avangrid (NYSE: AGR) has been awarded a 791 Megawatt (MW) offshore wind project by Massachusetts in a multi-state regional solicitation. The New England Wind 1 project, located 30 miles south of Barnstable, is set to provide clean, reliable power to approximately 400,000 homes by 2029. This development will create over 4,400 full-time equivalent jobs and bring $3 billion in local investment, including new facilities in Salem and New Bedford.
The project aims to reduce greenhouse gas emissions equivalent to removing 300,000 gasoline-based cars annually. If approved, construction could begin in 2025, with full commercial operation by 2029. New England Wind 1 will complement Vineyard Wind 1, the first large-scale offshore wind project in the U.S., currently under construction nearby.
Avangrid (NYSE: AGR) has received Federal Energy Regulatory Commission (FERC) approval for Iberdrola's acquisition of the remaining 18.4% of Avangrid's common stock. The transaction, approved by Avangrid's Board of Directors on May 17, 2024, is subject to several conditions, including shareholder approvals and regulatory clearances from Maine and New York utility commissions. CEO Pedro Azagra stated that this merger will enhance Avangrid's ability to expand renewable projects and invest in infrastructure improvements. The deal is expected to close in Q4 2024, strengthening Avangrid's capacity to meet growing demand for sustainable energy solutions and lead the clean energy transition in the United States.
Avangrid (NYSE: AGR), an Iberdrola subsidiary, has been certified as a Top Employer 2024 in the United States by the Top Employers Institute. This recognition highlights Avangrid's commitment to excellent HR policies and people practices. The certification process involves a comprehensive HR Best Practices Survey covering six domains and 20 topics across the business and employee lifecycle.
Iberdrola, Avangrid's parent company, has also been named a Top Employer 2024 in Europe, specifically in Spain, the UK, Germany, France, and Italy. Additionally, Iberdrola received the same certification for its operations in Brazil and Mexico. This makes Iberdrola one of only two energy companies worldwide to obtain the European certification and one of four companies registered in Spain to achieve this status.
Iberdrola, parent company of Avangrid (AGR), has achieved Top Employer 2024 certification in eight countries, including the United States. This recognition, awarded by the Top Employers Institute, acknowledges excellence in people practices and HR management. Iberdrola secured this certification in Spain, UK, Germany, France, Italy, US, Brazil, and Mexico.
The certification process involves a comprehensive HR Best Practices audit across six domains and 20 topics, covering areas such as people strategy, work environment, recruitment, learning, well-being, and diversity. Iberdrola is one of only two energy companies worldwide to obtain European certification from the Top Employers Institute.
This achievement highlights Iberdrola's commitment to supporting employee development and implementing innovative HR practices. The company's success in multiple countries demonstrates its consistent approach to people management across its global operations.
Avangrid (NYSE: AGR) has received the prestigious Patriot Award from the Department of Defense's Employer Support of the Guard and Reserve (ESGR) for the second consecutive year. The award recognizes the company's outstanding support of National Guard and Reserve employees. Three Avangrid executives were honored: Brian Harrell, Roger Hicks, and David McGill.
CEO Pedro Azagra highlighted the importance of veterans in the energy sector, praising their discipline, safety focus, and leadership qualities. The Patriot Award acknowledges efforts beyond legal requirements, including flexible schedules and support for deployed employees and their families.
Avangrid's commitment to veterans extends beyond recruitment, with active support for career growth and advancement. The company also maintains AVAN-Veterans, a business resource group dedicated to promoting career development for employees who have served in the military.
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