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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 has been named the Most Sustainable Company in the Clean Energy Industry by World Finance for the second consecutive year. This recognition highlights Avangrid’s dedication to decarbonization and its commitment to a fair and inclusive clean energy transition. Key achievements include reaching 8.7 GW of emissions-free capacity and supporting 70,000 U.S. jobs, contributing approximately $10 billion to the GDP. Avangrid also achieved its diversity goal with 35% women in executive positions.
Avangrid has been honored with Emergency Response Awards from the Edison Electric Institute (EEI) for exemplary recovery efforts by its subsidiaries, New York State Electric & Gas (NYSEG), Rochester Gas and Electric (RG&E), and Central Maine Power (CMP), following severe winter storms. NYSEG and RG&E were recognized for their response to Winter Storm Finn in January 2024, which caused significant outages in New York. CMP was acknowledged for its restoration efforts after a substantial storm on December 18, 2023, affecting 400,000 customers in Maine. The awards highlight Avangrid's commitment to operational excellence and customer service in extreme weather conditions.
Avangrid (NYSE: AGR) has introduced a pilot AI energy assistant named Ava to enhance customer service for its New York subsidiaries, NYSEG and RG&E. This initiative aims to improve customer satisfaction by providing quick responses to common inquiries, such as bill balance and payment arrangements, thereby reducing call center wait times. Ava will expand to Avangrid's subsidiaries in Maine and Connecticut later this year. The program is part of Avangrid's broader digital transformation strategy, which has already seen increased eBill participation and high ratings for mobile apps. The next phase will involve Ava addressing more complex customer queries.
Avangrid (NYSE: AGR), a sustainable energy company and part of the Iberdrola Group, has won the 2024 Plan Sponsor of the Year award from PLANSPONSOR magazine. Recognized for its exceptional retirement and student loan repayment plans, Avangrid leads in the 'Corporate Defined Contribution Plans $1 Billion and Greater' category.
The company's student loan repayment program, launched last year, offers non-union employees $250 monthly payments up to a lifetime maximum of $9,000, saving over 800 employees more than $2.6 million in principal and estimated interest. Avangrid's retirement plans include a 150% employer match on up to 8% of non-union employee compensation, auto-enrollment, and auto-escalation options, achieving a 94% participation rate in 2023.
Additionally, Avangrid implemented BlackRock’s LifePath Paycheck, providing a lifetime income option for retirees. These initiatives underscore Avangrid's commitment to employee financial well-being and long-term success.
Avangrid has partnered with Governor Maura Healey to tour the Operations and Maintenance facilities for Vineyard Wind 1, the first large-scale offshore wind project in the U.S. The tour highlighted a new Marine Terminal and an O&M Service Building, both important to the project's operations and expected to create approximately 90 jobs. Avangrid will manage the wind farm's operation, including turbine maintenance and coordination of contractors. The facilities will employ around 20 technicians trained overseas and support local employment through various roles. The O&M building features sustainability initiatives, including solar panels and flood resiliency. Vineyard Wind 1 will generate 806MW, providing electricity to 400,000 homes and saving customers $1.4 billion over 20 years. The project is also expected to cut carbon emissions by 1.6 million metric tons annually.
Avangrid, a sustainable energy leader and part of the Iberdrola Group, marked World Environment Day by highlighting its environmental initiatives and investments. In 2023, Avangrid's renewable energy production reduced over 7.7 million tons of CO2, equivalent to removing 1.6 million gas-powered cars from the road for a year. The company operates 8.8 gigawatts of emissions-free capacity, focusing on onshore wind, solar, and pioneering offshore wind in the U.S.
Avangrid's environmental efforts include restoring the Kennebunk Plains in Maine, improving butterfly habitats in New York, planting trees across Connecticut, and supporting California condor recovery via a conservation plan with the USFWS and the Oregon Zoo. These initiatives align with Avangrid's Biodiversity Policy to enhance ecosystems and achieve a net positive impact by 2030.
Avangrid has partnered with WindLoop, a startup by Yale students, to test a new process for recycling wind turbine blades. Avangrid donated 300 pounds of decommissioned blades from its Baffin wind farm for the initiative. WindLoop’s approach includes an on-site shredder, reducing transportation costs, and a green chemistry method to separate blade materials for reuse. The company claims it can recover over 90% of blade materials and 97% of the overall value. Avangrid aims to recycle 100% of its decommissioned blades by 2030, supporting its commitment to sustainability and the circular economy.
Avangrid (NYSE: AGR), a leading sustainable energy company, has signed an expanded Power Purchase Agreement (PPA) with CPS Energy for its Peñascal I wind farm in Texas. The agreement increases CPS Energy's power offtake from 77 MW to 161 MW, enough to supply 41,000 homes. This represents nearly 80% of Peñascal I's output. This move supports CPS Energy’s Vision 2027 and aligns with San Antonio’s Climate Action & Adaptation Plan aiming for carbon neutrality by 2050. The Peñascal I project, operational since 2009 with 84 turbines generating 202 MW, has contributed nearly $30 million in property taxes and supports 16 permanent employees.
The Avangrid Foundation has awarded a $135,000 grant to Habitat for Humanity, advancing their longstanding partnership to support sustainable community development. This grant will aid over 10 local Habitat partners in New York, Maine, Connecticut, Oregon, and across the U.S. Since 2018, Avangrid has contributed more than $875,000 to Habitat for Humanity. The funds support housing construction, repairs, playhouse builds, and ReStores. Avangrid employees also contribute through volunteer work, including hosting 19 build days and dedicating 700 volunteer hours last year. This partnership fosters community development, economic stability, and social equity.
Avangrid (NYSE: AGR), a leading sustainable energy company, has been named among America's Climate Leaders 2024 by USA Today for the second consecutive year. The list recognizes U.S. companies achieving the greatest reduction in emissions intensity from 2020 to 2022. Avangrid's emissions intensity is over six times lower than the U.S. power sector average. The company aims for carbon neutrality by 2030 for scopes 1 and 2 emissions, aligning with the Science-Based Targets Initiative. Avangrid has doubled its sustainable fleet vehicles and installed 877 electric vehicle charging points. The company has invested over $203 million in replacing leak-prone gas pipelines to cut emissions and increased its emissions-free capacity to 8.8 GW.
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