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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 begun producing power from its True North solar project in Falls County, Texas, marking a significant milestone. The project has commissioned 20 MW so far, with full commercial operations expected by the end of 2024. True North will be Avangrid's largest solar power project and its first in Texas, with a total capacity of 238 MWac (321 MWdc).
The project will supply clean energy to support Meta's net zero commitment, including its upcoming data center in Temple. It's expected to generate over $40 million in property taxes over its lifetime, benefiting local public services and schools. Avangrid has a strong presence in Texas, with over 1,200 MW of installed wind capacity and more than $100 million paid in property taxes from existing facilities.
Avangrid (NYSE: AGR), a leader in sustainable energy and part of the Iberdrola Group, has earned the prestigious 2024 CSO Award from Foundry’s CSO. The award recognizes outstanding security projects and initiatives that offer significant business value and thought leadership. Avangrid was honored in the Intelligence and Security Organization category for its pioneering partnership with a state fusion cell, which involves sharing security intelligence and data.
This innovative public-private partnership has enhanced data sharing speed and accuracy, enabling Avangrid to perform stronger security assessments with real-time data. CEO Pedro Azagra highlighted the importance of robust regional, state, and federal partnerships in their cybersecurity efforts. The CSO Awards celebrate organizations that excel in addressing the expanding threat landscape through cutting-edge security projects and initiatives.
Avangrid (NYSE: AGR), a prominent sustainable energy company under the Iberdrola Group, has made TIME's inaugural list of America’s Best Mid-Size Companies 2024. This recognition is based on sustainability transparency, revenue growth, and employee satisfaction. Avangrid’s CEO, Pedro Azagra, emphasized that this accolade showcases the company's commitment to sustainability, growth, and employee well-being. Avangrid has been a leader in clean energy, boasting an emissions intensity six times lower than the U.S. power sector average since 2015. The company operates 8.8 gigawatts of emissions-free capacity across 24 states and serves over 3.3 million customers in the Northeast. Notably, their Vineyard Wind 1 project is now delivering over 136 megawatts to Massachusetts, marking it as the largest operational offshore wind project in the U.S.
Avangrid, a sustainable energy leader and part of the Iberdrola Group, has begun installing solar panels at its Powell Creek project in Putnam County, Ohio. The project, which started construction late last year, will feature around 300,000 solar panels, generating enough power for 30,000 homes annually. It will also create up to 400 local jobs during construction. The nearby Miller City has annexed the project area to capture revenues for a new sewer line, facilitating the town's growth. This is Avangrid's second renewable energy project in Ohio, following the Blue Creek wind farm established in 2012.
Avangrid (NYSE: AGR) will publish its second quarter 2024 financial results on Tuesday, July 23, 2024, after market close. The earnings report, including a presentation and news release, will be available on the Investors' section of the company's website. An advisory news release will be issued via Business Wire on the evening of July 23rd, providing a link to the financial results. Investors and stakeholders can access detailed financial information and updates from Avangrid's website at www.avangrid.com/wps/portal/avangrid/Investors.
Avangrid (NYSE: AGR) has agreed to sell its Kitty Hawk North offshore wind lease area to Dominion Energy for approximately $160 million.
The 40,000-acre lease area can support 800 MW of offshore wind generation. This transaction, expected to close in Q4 2024, includes a lease acquisition payment of $117 million and additional development cost reimbursement. Avangrid will retain the Kitty Hawk South lease, which has the potential to deliver up to 2.4 GW of power.
This sale will provide Avangrid with significant capital for reinvestment in other renewable projects, including the under-construction Vineyard Wind 1 and the New England Wind lease area.
Dominion Energy has announced an agreement to acquire the Kitty Hawk North Wind offshore wind lease from Avangrid for approximately $160 million. This 40,000-acre lease, to be renamed CVOW-South, could support 800 MW of offshore wind generation capacity in the 2030s, serving around 200,000 homes and businesses. The transaction includes a $117 million lease acquisition and $43 million for associated development cost reimbursement, expected to close in Q4 2024. Dominion plans to use this acquisition to meet growing electric demand, consistent with its business objectives and the Virginia Clean Economy Act goals. Detailed cost estimates and in-service dates will be developed in future phases. Dominion's existing 2.6-GW CVOW project remains on-time and on-budget, with completion expected by the end of 2026.
Avangrid (NYSE: AGR) and the Town of Barnstable have reaffirmed their Host Community Agreement (HCA) for the New England Wind 1 offshore wind project. A new side agreement, announced on June 27, 2024, enhances the original HCA with additional financial benefits for Barnstable. These include a $16 million Host Community Payment, an additional $5.5 million for post-construction streetscaping, and $2.4 million for sewer construction costs. The project, set to begin construction in 2025, is expected to power 400,000 homes and create over 4,400 jobs. The agreement also includes robust health and safety measures, and commitments to repave public roads and support affected local businesses. The New England Wind 1 project, with nearly complete federal, state, and local permitting, aims to support state climate targets and bring significant economic opportunities to the region.
Avangrid (NYSE: AGR), a leading sustainable energy company, announced that it has earned fifteen awards in the first half of 2024. These accolades, which surpass the total recognitions from 2023, are from respected organizations like USA Today, Ethisphere, Forbes, and Barron's. The awards cover various aspects of Avangrid's business, including employee wellness, sustainability, and emergency response. CEO Pedro Azagra was named a Trailblazer in Clean Energy by City & State. Notable recognitions include 'America's Climate Leaders' by USA Today and 'Most Sustainable Company in the Clean Energy Industry' by World Finance.
Avangrid's achievements reflect its commitment to sustainability, diversity, and innovation. The company's projects, like Vineyard Wind 1, the first large-scale offshore wind farm in the U.S., mark significant strides in climate action and clean energy leadership.
Avangrid (NYSE: AGR) has received full federal approval for its New England Wind 1 and 2 offshore projects' Construction and Operations Plan (COP), completing most of the permitting process. The New England Wind 1 project, expected to begin construction in 2025, will generate 791 megawatts of clean energy, powering nearly 1 million homes. This initiative promises thousands of job opportunities and significant local investments. The COP approval follows extensive stakeholder engagement and rigorous reviews by the Bureau of Ocean Energy Management. Avangrid is also advancing the Vineyard Wind 1 project, contributing to Massachusetts' clean energy goals by generating power for 64,000 homes.
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