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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 reported significant improvements in customer service metrics across its utilities in Maine, New York, and Connecticut. Key highlights include:
- Central Maine Power (CMP) exceeded Maine PUC performance standards in 2023, with 99.9% of bills issued accurately and on time.
- New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E) surpassed PSC targets, answering over 85% of calls within 30 seconds in late 2023.
- United Illuminating (UI), Southern Connecticut Gas (SCG), and Connecticut Natural Gas (CNG) are exceeding PURA targets, with customer satisfaction rates above 87% in July 2024.
These improvements are attributed to increased staffing, expanded digital tools, and significant investments in workforce and technology.
Avangrid (NYSE: AGR) has completed module installation at its True North Solar project in Falls County, Texas, marking a significant milestone. The project, set to become Avangrid's largest solar installation, features over 488,000 solar modules and boasts a capacity of 238 MWac (321 MWdc). Commercial operation is expected by year-end, with the project supporting Meta's net zero commitment and its upcoming data center in Temple.
The construction phase created 350 peak jobs, mostly sourced locally, and will provide several permanent positions. Avangrid anticipates paying over $40 million in taxes throughout the project's lifespan. This development expands Avangrid's Texas renewable energy portfolio, which already includes more than 1,200 MW of installed wind capacity.
Avangrid, Inc. (NYSE: AGR) proudly announces that two of its women leaders, Liberna Charles and Ruth Thompson, have been named 2024 Women on the Rise by Paradigm for Parity. This recognition honors exceptional women in corporate leadership who are advancing gender parity and promoting racial equity in the workforce.
Charles, vice president of talent management and DEI, has expanded DEI efforts at Avangrid, including introducing mandatory 'Inclusion at Work' training and launching the company's DEI Executive Council. Thompson, an analyst for Avangrid's DEI team, has been instrumental in growing employee participation in Avangrid's business resource groups.
Avangrid, a member of the Paradigm for Parity coalition since 2021, has undertaken several initiatives to advance gender parity and create a more diverse, equitable, and inclusive workplace. These efforts have contributed to Avangrid earning a place on Bloomberg's Gender-Equity Index in 2023 and being named a Best Place to Work for Disability Inclusion by Disability:IN.
Avangrid (NYSE: AGR) has launched a new data-driven initiative to improve grid reliability and customer satisfaction at its New York subsidiaries, NYSEG and RG&E. The innovative approach uses data analytics to prioritize proactive tree maintenance, focusing on danger trees outside the distribution right-of-way. This method has resulted in more efficient removal of high-risk trees at a lower cost, significantly benefiting customer reliability.
The system analyzes critical data points such as historical line performance, customer numbers, and high-risk tree counts to determine priority levels for tree removal. This data-driven approach has led to improved efficiency and reliability for customers, especially during storm seasons. Avangrid plans to further enhance its data analytics by incorporating additional data points and integrating computer vision AI to identify risks and improve arborist safety.
Avangrid (NYSE: AGR) is launching a new initiative to advance its Diversity, Equity, and Inclusion (DEI) efforts across the organization. The company's newly appointed Senior VP of DEI, Talent and Innovation, Ignacio Estella, will conduct 'Listen, Understand and Enable' conversations with leaders across Avangrid. This initiative follows the recent elevation of the DEI team to report directly to the CEO.
Avangrid has made significant progress in DEI, surpassing national averages with nearly 39% of women in executive positions, and increasing diversity in executive positions by 75% from 2021. The company's executive leadership team is now 38.5% women, a nearly 80% increase from three years ago. By the end of 2023, people of color represented almost 30% of Avangrid's executive positions, a 75% increase over three years.
Central Maine Power (CMP) demonstrated the effectiveness of its modern grid technology following a bizarre incident where vandals drove a stolen forklift into high voltage transmission lines, cutting power to nearly 7,000 customers. Thanks to automated reclosers and remote-operated switches, CMP restored power to over 80% of affected customers within 10 minutes.
The incident highlights CMP's ongoing investment in grid modernization, including a $30 million grant from the U.S. Department of Energy's Grid Deployment Office and a portion of $6.6 million in grants from the Maine Grid Resilience Program. These investments aim to enhance grid automation, reduce outage durations, and improve overall system reliability.
Avangrid (NYSE: AGR) subsidiaries NYSEG and RG&E have installed over 700,000 smart meters for electric and natural gas customers across Upstate New York. The upgrades are part of a larger initiative to install 1.3 million electric smart meters and 600,000 natural gas modules in 17 divisions statewide over the next two years. Currently, installations are focused on seven divisions, with over 50,000 installations per month.
Smart meters offer several benefits, including bills based on actual usage rather than estimates, improved outage response, and better customer control over energy consumption. The technology features two-way wireless communications between the meter and the company's systems, enabling automatic and secure data transmission.
Avangrid (NYSE: AGR) and Statkraft have signed a short-term Virtual Power Purchase Agreement (VPPA) for energy from Avangrid's 35 MW Casselman wind farm in Pennsylvania. This is their second VPPA in nine months, following a deal for Avangrid's 300 MW Streator Cayuga Ridge South wind farm in Illinois. The Casselman wind project, operational since 2007, consists of 23 wind turbines located near Meyersdale and Rockwood, about 60 miles southeast of Pittsburgh.
Avangrid CEO Pedro Azagra highlighted the deal as evidence of market interest in their productive merchant assets and their commitment to accelerating the clean energy transition. Patrick Pfeiffer, Managing Director of Statkraft's U.S. operations, emphasized the importance of power purchase agreements in driving the green transition forward.
Avangrid (NYSE: AGR) has surpassed 9 Gigawatts (GW) of installed capacity at its onshore wind and solar sites, marking a significant milestone in its renewable energy portfolio. The company's more than 75 projects across 22 states can now produce enough energy to power over 2.3 million U.S. homes. Avangrid's portfolio includes over 8 GW of installed wind capacity and about 1 GW of solar capacity, including projects under construction.
CEO Pedro Azagra emphasized the company's commitment to accelerating the clean energy transition, highlighting a substantial pipeline of future renewable projects and potential for repowering existing wind farms. These initiatives not only contribute to state and national climate goals but also provide community benefits through job creation, economic growth, and tax contributions.
Avangrid (NYSE: AGR) has appointed Nelly Jefferson as its new Chief Information Officer, effective September 16. Jefferson brings over 25 years of experience in IT and a deep understanding of the clean energy industry. She previously led technology for RWE Clean Energy and ConEdison. In her new role, Jefferson will oversee all Avangrid information technology strategies across the company's enterprise, managing a staff of over 140 employees and external service providers.
Jefferson's focus will be on developing IT digital and innovation capabilities to deliver smart solutions for Avangrid's customers and employees. Her appointment is expected to contribute significantly to Avangrid's mission of advancing the clean energy transition. Jefferson holds a bachelor's degree in computer science from Montclair State University and a master's degree in management information systems from New Jersey Institute of Technology.
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