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Avangrid, Inc. - $AGR STOCK NEWS

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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.

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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.

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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.

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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.

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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.

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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.

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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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Avangrid, a sustainable energy company, announced the completion of Phase 1 of the Cape Cod Solution grid upgrade in Massachusetts, investing over $13.7 million. This upgrade, part of the New England Wind 1 project, enhances reliability and resiliency by converting a 115kV line to 345kV between Bourne and West Barnstable. Future upgrades will further support this transformation. New England Wind 1 aims to provide clean energy to approximately 400,000 homes and create over 4,400 jobs. The project has received necessary approvals and is poised to commence construction in 2024, potentially achieving commercial operations by the end of the decade. The initiative aligns with state climate goals and promises significant economic and environmental benefits for the region.

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Avangrid (NYSE: AGR) has acquired a custom-built, state-of-the-art mobile transformer to enhance the resiliency and reliability of its onshore wind and solar operations across the U.S.

This transformer, purchased from Hitachi Energy, can be deployed and installed quickly, significantly reducing downtime from the standard two-year wait for replacement transformers to just a couple of months.

The 168 MVA transformer features multi-voltage capabilities, a low profile for easy transport, and the ability to withstand higher transport accelerations, ensuring rapid response to outages after major storms.

CEO Pedro Azagra emphasizes that reducing downtime supports Avangrid's commitment to accelerating the clean energy transition.

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Avangrid announced that Iberdrola will acquire the remaining 18.4% of Avangrid's shares for $35.75 per share in an all-cash deal. This price reflects an 11.4% premium over Avangrid's closing price on March 6, 2024, and a 15.2% premium over the 30-day volume-weighted average. The deal has been unanimously approved by Avangrid's Board, based on the Special Committee's recommendation. The acquisition is expected to close in Q4 2024, pending shareholder and regulatory approval. Avangrid will continue to pay regular quarterly dividends until the transaction closes.

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Avangrid (NYSE: AGR), a sustainable energy firm and part of the Iberdrola Group, has been awarded the 2024 Handshake Early Talent Award. This accolade recognizes top employers for Gen Z employees aged up to 26 years.

Avangrid excelled in areas such as event engagement and career fairs, outperforming industry counterparts with three times more RSVPs and perfect scores in one-on-one sessions. Additionally, the company scored 7% higher than average in early identification messaging.

Avangrid's CEO, Pedro Azagra, emphasized the importance of early career recruitment for fostering innovation and future leadership. This marks the second recognition for Avangrid's early career programs in 2023, having been named among the Top 50 Midsize Early Career Programs by RippleMatch in January.

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FAQ

What does Avangrid, Inc. do?

Avangrid, Inc. is a diversified energy and utility company engaged in electric and natural gas utilities and renewable energy generation through wind and solar power.

Where is Avangrid, Inc. headquartered?

Avangrid, Inc. is headquartered in Orange, Connecticut.

Who owns Avangrid, Inc.?

Avangrid, Inc. is majority-owned by Iberdrola S.A., a global leader in the energy industry based in Spain.

What are the primary lines of business for Avangrid, Inc.?

Avangrid operates through two primary lines of business: Networks, which includes electric and natural gas utilities, and Renewables, focused on wind and solar power generation.

How many customers does Avangrid serve?

Avangrid serves more than 3.3 million customers in New York and New England through its Networks business.

What are some recent achievements of Avangrid, Inc.?

Recent achievements include successful conservation efforts for the endangered California condor and significant advancements in renewable energy technologies showcased at the company’s Innovation Forum.

What is Avangrid’s commitment to sustainability?

Avangrid is committed to sustainability and corporate responsibility, earning accolades like a spot on USA Today’s list of America’s Climate Leaders 2024 and recognition by the Ethisphere Institute as one of the World’s Most Ethical Companies for six consecutive years.

What community initiatives is Avangrid involved in?

Avangrid supports community initiatives like Habitat for Humanity, donating $135,000 to support affordable housing projects, and engages in local renewable energy projects.

What is Vineyard Wind 1?

Vineyard Wind 1 is set to be the first large-scale offshore wind farm in the U.S., expected to generate electricity for over 400,000 homes and significantly reduce carbon emissions.

How can I learn more about Avangrid, Inc.?

To learn more about Avangrid, Inc., visit their official website at www.avangrid.com.

Avangrid, Inc.

NYSE:AGR

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AGR Stock Data

13.68B
70.83M
81.69%
13.71%
0.88%
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About AGR

avangrid, inc. (nyse: agr) is a diversified energy and utility company with more than $30 billion in assets and operations in 25 states. the company operates regulated utilities and electricity generation through two primary lines of business. avangrid networks includes eight electric and natural gas utilities, serving 3.1 million customers in new york and new england. avangrid renewables operates 6.3 gigawatts of electricity capacity, primarily through wind power, in states across the united states. avangrid employs 7,000 people. the company was formed by a merger between iberdrola usa and uil holdings corporation in 2015. iberdrola s.a. (madrid: ibe), a worldwide leader in the energy industry, owns 81.5% of avangrid.