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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) 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.
Avangrid (NYSE: AGR) has been included in the FTSE4Good Index Series for the seventh consecutive year, recognizing its strong sustainability practices. The company ranked well above the utility industry average in environmental, social, and governance (ESG) themes.
Key highlights:
- Avangrid scored highest in labor standards and governance
- Rated 30% higher overall and 25% higher in environmental areas compared to U.S. peers
- CEO Pedro Azagra emphasized the company's commitment to climate action and clean energy transition
- Avangrid has received multiple sustainability recognitions in 2023, including placement on Barron's 100 Most Sustainable Companies list
The FTSE4Good Index, created by FTSE Russell, measures company performance in ESG practices and is widely used by market participants for responsible investment decisions.
Avangrid (NYSE: AGR) has been recognized in the 2024 Yello Top 100 Internship Programs List for its outstanding Internship and Graduate programs. The company has significantly increased its intern hiring and conversion rates to full-time employees over the past two years. Avangrid's 10-week paid Internship Experience includes interactive workshops, networking events, and final presentations, with over 100 interns currently supporting critical projects.
The company's two-year Graduate program offers rotational development for early career employees, including international assignments within the Iberdrola Group. Avangrid currently has more than 140 Graduates in its workforce. CEO Pedro Azagra emphasized the company's commitment to scaling up internship programs and expanding opportunities for early career professionals.
Avangrid (NYSE: AGR) has launched the largest solar grazing operation in the Pacific Northwest, partnering with a fifth-generation Oregon rancher to graze sheep at two solar farms. This innovative approach replaces gas-powered machines with sheep for vegetation management, reducing wildfire risks and supporting local economies.
The operation began as a pilot project at Pachwáywit Fields, Oregon's largest operating solar farm, and expanded to Lund Hill solar farm in Washington. At peak, over 5,000 sheep were grazing across both facilities. The sheep belong to Cameron Krebs, who sells wool and lamb, continuing a century-long partnership with Pendleton Woolen Mills.
This initiative aligns with Avangrid's sustainability goals, demonstrating an innovative solution to complex problems while supporting local communities and contributing to a circular economy in the region.
Avangrid, Inc. (NYSE:AGR) has released its second quarter 2024 financial results. The company has made these results available to the public in the Investors section of its official website. Interested parties can access the detailed financial information by visiting www.avangrid.com. This release of quarterly results is a standard practice for publicly traded companies, allowing investors and analysts to assess the company's financial performance and make informed decisions. While the press release does not provide specific financial figures, it directs stakeholders to the company's website for comprehensive data on Avangrid's financial standing for Q2 2024.
Avangrid (NYSE: AGR) has been recognized as a Best Place to Work for Disability Inclusion by Disability:IN, scoring 100% on the 2024 Disability Equality Index®. This achievement highlights Avangrid's commitment to creating an inclusive workplace for employees with disabilities.
Key factors contributing to Avangrid's top score include:
- A robust business resource group, CARE, for employees with disabilities, caregivers, and allies
- A pilot program to employ visually impaired individuals
- Comprehensive disability inclusion policies and programs
This recognition follows Avangrid's inclusion in Forbes' list of America's Best Employers for Diversity 2024 in April. The company's CEO, Pedro Azagra, emphasized their ongoing commitment to advancing disability inclusion and creating a diverse, inclusive energy sector.
Avangrid (NYSE: AGR) has declared a quarterly dividend of $0.44 per share on its Common Stock. The dividend will be payable on October 1, 2024, to shareholders of record at the close of business on September 2, 2024. This announcement demonstrates Avangrid's commitment to providing regular returns to its shareholders, maintaining its dividend policy. The consistent dividend payout may be seen as a positive sign of the company's financial stability and confidence in its future performance.
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