Article contentAvangrid, Inc. is a leading energy company in the United States working to meet the growing demand for energy for homes and businesses across the nation through service, innovation, and continued investments by expanding grid infrastructure and energy generation projects. Avangrid has offices in Connecticut, New York, Massachusetts, Maine, and Oregon, including operations in 23 states with approximately $48 billion in assets, and has two primary lines of business: networks and power. Through ...

Core Insights - Financial One Account and Italy's Generali Group held a strategic meeting in Singapore to explore collaboration opportunities in customer management, digital transformation, and AI applications [1] - Generali Group is advancing its "Lifetime Partner 2027" strategy, focusing on customer system development, large-scale AI application, and data-driven transformation [1] Company Overview - Financial One Account introduced Ping An Group's comprehensive financial model of "one customer, multiple products, one-stop service" [1] - As of September 30, 2025, Ping An has nearly 250 million individual customers, with an average of 2.94 contracts per customer and a retention rate of 97.5% for customers holding four or more contracts, showcasing strong customer management capabilities [1] Technology Application - Ping An Property & Casualty achieved 89% of its car insurance sales through a one-minute intelligent underwriting process, with AI service handling 1.292 billion interactions, covering 80% of customer service operations [1] - Financial One Account has established an AI capability system that covers the entire insurance process [1] Recognition and Future Collaboration - Generali Group highly recognizes Ping An's practices in big data governance, AI governance frameworks, and digital operations [1] - Financial One Account is actively promoting its technological capabilities in global markets, forming replicable global service capabilities, and both parties believe this exchange lays a solid foundation for future cooperation [1]

Financial Performance - Net income and EPS grew by 24% to $212 million and $0.69, respectively[11] - Adjusted EBITDA grew by 8% to $575 million[12] - The company's 2016 EPS outlook increased to $2.10 - $2.20[12] - Renewables Net Income increased 63.9%[47] - Networks Net Income increased 7.3%[47] Business Operations - Higher wind production increased by 13%[12, 52, 57] - Extension of renewable assets useful lives also contributed to earnings[12, 15, 52] - 70% of investment is in regulated activities[27, 28] - Networks contributed the largest portion of net income, representing 78%[48] Projects and Investments - $9.6 billion is planned for investment from 2016-2020, with 70% allocated to Networks and 29% to Renewables[28] - 744 MW of renewable energy projects are under construction[32]

Financial Performance Highlights - AVANGRID's 2Q '16 Net Income was $102 million ($0.33/share)[14], compared to $11 million in 2Q '15[14] - YTD '16 Net Income reached $314 million ($1.01/share)[14], up from $117 million YTD '15[14] - Adjusted EBITDA grew by 9% YTD to $1,048 million, with Networks contributing +6% and Renewables +13%[12] - 2Q '16 Adjusted Net Income was $100 million ($0.32/share), a +218% increase compared to $31 million in 2Q '15[18] - YTD '16 Adjusted Net Income was $295 million ($0.95/share), a +45% increase compared to $203 million YTD '15[18] Business Segment Performance - AVANGRID Networks reported 2Q '16 Net Income of $79 million and YTD '16 Net Income of $244 million[53] - AVANGRID Renewables reported 2Q '16 Net Income of $41 million and YTD '16 Net Income of $84 million[53] - 2Q '16 Adjusted EBITDA for Networks was $305 million and for Renewables was $169 million[57] - YTD '16 Adjusted EBITDA for Networks was $739 million and for Renewables was $339 million[57] Strategic Initiatives and Capital Investments - Capital expenditures totaled $674 million, funded by Cash from Operations of $908 million[12] - The company affirmed its 2016 Consolidated EPS Outlook of $2.10 - $2.20[12] - Avangrid Renewables operates approximately 6.6 gigawatts of electricity capacity[7]

Financial Performance - AVANGRID's 3Q '16 net income was $109 million ($0.35/share), compared to $54 million in 3Q '15[10] - Year-to-date (YTD) '16 net income reached $423 million ($1.36/share), up from $171 million YTD '15[10] - Non-GAAP adjusted net income for 3Q '16 was also $109 million ($0.35/share), while YTD '16 adjusted net income was $404 million ($1.30/share)[10] - Capital expenditures YTD totaled $1,036 million, funded by cash from operations of $1,216 million[10] Business Segments - Networks contributed $75 million in net income ($0.24/share) in 3Q '16 and $319 million YTD '16[39] - Renewables generated $37 million in net income ($0.12/share) in 3Q '16 and $121 million YTD '16[39] - Other (Corporate & Gas) reported a loss of $3 million (negative $0.01/share) in 3Q '16 and a loss of $17 million YTD '16[39] Strategic Initiatives - The company is executing a plan of $2.8 billion (1.4 GW) including 810 MW with 2016-2018 COD[17] - AVANGRID is pursuing a safe harbor strategy for up to 2 GW of new wind projects to capture full Production Tax Credit (PTC) realization[10] - A repowering strategy is in place for over 350 MW of existing projects[10] Outlook - The company revised its 2016 consolidated EPS outlook to $1.95-$2.05, with net income between $604 million and $634 million[29] - AVANGRID is maintaining an 8-10% net income Compound Annual Growth Rate (CAGR) from 2014-2020[30]

AVANGRID Overview - AVANGRID has \$31 billion in assets and operations in 23 states[6] - AVANGRID Networks serves 31 million customers in New York and New England[6] - AVANGRID Renewables operates 63 gigawatts of electricity capacity[6] Financial Outlook and Strategy - AVANGRID's estimated earnings are expected to be approximately \$2 per share in 2016[32] - The company targets a dividend payout ratio of 65%-75% through earnings growth[35] - AVANGRID plans to invest approximately \$96 billion between 2016 and 2020[39] - The company estimates a net income CAGR (2014-2020) of 8-10% and an EBITDA CAGR (2014-2020) of 5-7%[33] Investments and Growth - AVANGRID plans to invest \$67 billion in Networks and \$28 billion in Renewables between 2016 and 2020[40] - The company anticipates rate base growth from \$83 billion in 2014 to \$117 billion in 2020, representing a CAGR of approximately 6%[45] - AVANGRID Renewables plans to add 1400 MW of capacity with a total capex of \$28 billion through 2020[125] Financial Performance - AVANGRID's 2015 Adjusted EBITDA was \$19 billion[161] - Networks contributed 71% to the 2015 Adjusted EBITDA[160] - Renewables contributed 26% to the 2015 Adjusted EBITDA[160]

Financial Performance - Avangrid's Q1 2017 net income increased by 13% to $239 million, resulting in earnings per share (EPS) of $0.77[15, 19] - Adjusted net income for Q1 2017 rose by 11% to $227 million, with adjusted EPS reaching $0.73[15, 21] - Networks' adjusted net income increased by 3% to $172 million, with adjusted EPS at $0.56, driven by new rates in New York and Connecticut[53] - Renewables' adjusted net income increased significantly by 41% to $59 million, with adjusted EPS at $0.19, due to higher production and lower tax impacts[55] - Cash from operations increased by 11% to $441 million[69] Renewables Highlights - Avangrid Renewables signed new Power Purchase Agreements (PPAs) and is on track with its 1.8 GW '17-'20 long-term outlook[24] - The company secured a 201 MW PPA at Montague Wind Power (OR) with Apple and an 80 MW PPA at Barton Wind Farm (IA)[24] - Avangrid Renewables won a BOEM offshore wind lease auction in North Carolina, with a potential capacity of approximately 1.5 GW[29, 35] - Wind production improved by 4%[61] Networks Updates - The Ginna Transmission Project in New York was completed on time and on budget[16] - A $145 million Ginna Retirement Transmission Alternative project was completed in Q1, including two substations allowing 345kV-115KV connections to the grid[42] Strategic Outlook - Avangrid is committed to delivering an 8-10% compound annual growth rate (CAGR) through 2020[44] - The company affirmed its 2017 adjusted EPS outlook of $2.10-$2.35[45, 77]

Financial Performance - Second Quarter 2017 Net Income was $120 million, a 17% increase compared to $102 million in Second Quarter 2016[15, 19] - Year-to-date 2017 Net Income was $359 million, a 14% increase compared to $314 million year-to-date 2016[15, 19] - Second Quarter 2017 Adjusted Net Income was $143 million, a 21% increase compared to $118 million in Second Quarter 2016[15, 22] - Year-to-date 2017 Adjusted Net Income was $369 million, a 15% increase compared to $322 million year-to-date 2016[15, 22] - Capital expenditures increased by 47% year-to-date to $956 million, including $503 million in Renewables and $450 million in Networks[16, 24, 25] Renewables - Executed 401 MW of new wind PPAs year-to-date, including 200 MW in Second Quarter 2017[16] - Total installed capacity as of June 30, 2017, was 6,046 MW, an increase of 349 MW year-to-date compared to year-to-date 2016[30] - Executed 589 MW of contracts year-to-date to reduce merchant capacity, reducing merchant capacity from 32% to 27% in 2017[16, 33, 37] Networks - Long-term plan targets a rate base of $11 billion in 2020 with average annual capital expenditures of approximately $1.4 billion[45] - Cumulative revenue increase of $19 million, ROE of 9.95% & ~52% equity capital for SCG[55] Offshore Wind - Announced a 50% partnership in Vineyard Wind (MA) with Copenhagen Infrastructure Partners and acquired an offshore lease off the coast of Kitty Hawk (NC)[16] - Vineyard Wind and Kitty Hawk have potential capacity of approximately 2.0 GW and 1.5 GW, respectively[44]

Financial Performance - Avangrid's 3Q '17 net income was $99 million, a decrease of 9% compared to $109 million in 3Q '16[14, 18] - Avangrid's 9M '17 net income was $458 million, an increase of 8% compared to $423 million in 9M '16[14, 18] - Adjusted net income for 3Q '17 increased by 11% to $125 million from $113 million in 3Q '16[14, 22] - Adjusted net income for 9M '17 increased by 14% to $494 million from $434 million in 9M '16[14, 22] - Networks drove '17 vs '16 performance, with EPS increasing by $0.09 in 3Q and $0.17 in 9M[51, 52] Capital Investments and Growth - On track for '17 investments, with a 39% increase to $1.6 billion for 9M '17[14] - Capital expenditures in Networks for 9M '17 were $828 million[25] - Capital expenditures in Renewables for 9M '17 were $721 million[25] - Executed 487 MW of new wind PPAs in 9M '17, including 86 MW in 3Q; continue to add to renewables pipeline of 8 GW[14] Renewables Projects - Five renewables projects totaling 590 MW are expected to be completed in 2017[28, 30] - Additional projects with PPAs total 497 MW[33] - Long-term plan includes 1,800 MW of new wind & solar with PPAs from '17-'20, with 60% secured (1,087 MW)[35] Networks Regulatory Updates - Filed rate settlement for SCG[14] - SCG rate settlement includes a cumulative revenue increase of ~$11 million, a ROE of 9.25%, and an average rate base increase from ~$544 million in Dec '17 to ~$618 million in Dec '20[43]

Financial Performance - 4Q '16 Net Income was $207 million ($0.67/share), while Full Year '16 Net Income reached $630 million ($2.04/share)[9] - Full Year '16 Net Income increased by 136% compared to FY '15, rising from $267 million to $630 million[11, 38] - Full Year '16 Adjusted Net Income increased by 23%, from $521 million to $641 million[17, 38] - Capital investments increased by 64% to $1.9 billion in '16[9, 20] Dividends and Payout - Quarterly dividend of $0.432/share was paid in '16[9, 24] - The company plans to increase the dividend beginning in '18, targeting a payout of 65%-75%[9, 25, 27] 2017 Outlook - AVANGRID projects an Adjusted EPS of $2.10 - $2.35 for 2017[33] - The Networks business is expected to contribute $1.66 - $1.74 to the Adjusted EPS in 2017[33] - Renewables are projected to contribute $0.50 - $0.65 to the Adjusted EPS in 2017[33] Renewables Highlights - Completion of 208 MW Amazon Wind Farm U S East & additional 536 MW of wind in construction[32] - Wind production increased by 5% in FY '16, with a total of 14,420 GWh[78]