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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 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.
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.
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