ORANGE, Conn.--(BUSINESS WIRE)--Most business leaders believe that responsibility for driving the green transition rests with the private sector rather than policymakers, with the vast majority anticipating more opportunities than challenges. However, rapid progress to a lower carbon economy is under threat from the failure of companies to develop and source sufficient green skills, according to the Green Skills Outlook – new research from Economist Impact, supported by Avangrid’s parent company and Europe’ ...

ORANGE, Conn.--(BUSINESS WIRE)--The Avangrid Foundation, the philanthropic arm of leading sustainable energy company Avangrid, Inc. (NYSE: AGR), has announced it provided more than $2.8 million in grants to 97 different organizations during 2023 to help create a more sustainable and equitable future. This brings the Avangrid Foundation and its predecessors’ total investments to more than $38.9 million in partnerships since its founding in 2001. “Every day, we make it a priority and a focus on creating lo ...

ORANGE, Conn.--(BUSINESS WIRE)--Today Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that its early career programs have been named among the best in the United States by RippleMatch in their 2024 Campus Forward Awards. Avangrid was selected among the Top 50 Midsize Early Career Programs for the company’s Internship and Global Graduate programs. “Avangrid’s early career programs are the foundation of our workforce because they ensure we ...

BOSTON, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP), a global leader in greenfield renewable energy investments, and Avangrid, Inc. (NYSE:AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced that power from the Vineyard Wind project was delivered to the New England grid for the first time. As part of the initial commissioning process, at 11.52 pm on Tuesday, January 2, 2024, one turbine delivered approximately five megawatts of power, w ...

BOSTON--(BUSINESS WIRE)--Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, and Copenhagen Infrastructure Partners (CIP), a global leader in greenfield renewable energy investments, today announced that power from the Vineyard Wind project was delivered to the New England grid for the first time. As part of the initial commissioning process, at 11:52PM on Tuesday, January 2, 2024, one turbine delivered approximately five megawatts of power, with additional te ...

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, issued the following statement today on the previously announced merger agreement with PNM Resources, Inc. (PNM). “Since 2020, Avangrid, a national leader in clean energy, has fought to gain approval of its merger with PNM, a merger that would bring over $300 million in benefits to PNM consumers and communities and utilize the company’s vast experience, and the experience of I ...

ORANGE, Conn.--(BUSINESS WIRE)--Today Avangrid, Inc. (NYSE: AGR) announced that the Federal Energy Regulatory Commission (FERC) issued a decision in favor of Avangrid Renewables, LLC (Renewables), an indirect, wholly-owned subsidiary of Avangrid, in the litigation related to the California energy crisis of 2000-2001. The case was originally brought in 2002 by two California agencies with respect to a long-term power purchase agreement entered into by Iberdrola Renewables, LLC (now, Renewables), as seller ...

Financial Performance - 3Q '23 Net Income was $59 million or $0.15/share, while Adjusted Net Income reached $105 million or $0.27/share[12] - 9M '23 Net Income amounted to $389 million or $1.00/share, with Adjusted Net Income at $434 million or $1.12/share[12] - Reaffirming 2023 guidance of EPS $1.90-$2.10 and Adjusted EPS of $2.20-$2.35, including $0.24-$0.28 of one-time extraordinary gains from Renewables transactions[12] New York Rate Case - NY Rate Case approval with positive impact of $136 million or $0.35/share recognized in 4Q '23, including $66 million from NY rate case approval including make whole and $70 million of language for uncollectibles mitigation[12] - Rate base increases from $6.6 billion in 2022 to $9.2 billion in 2026 (+$2.6 billion or +39%)[15] - Cash flow improves from $131 million in 2022 to $943 million in 2026 (+$812 million or +620%)[15] - Net Income improves from $280 million in 2022 to $449 million in 2026 (+$169 million or +60%)[16] Offshore Wind PPAs Termination - Successfully terminated offshore wind PPAs which includes an after-tax payment of $30 million in guarantees (excluded from adjusted earnings)[12] - Avoided over one billion of write-offs if supply chain had been secured[23, 25] - Paid $48 million pre-tax, $35.6 million after-tax for Commonwealth termination[23] - Termination includes payment of $16 million pre-tax, $11.8 million after-tax in 3Q'23 for CT PURA[25] Maine Rate Case - Rate base increases to $1.29 billion[29] - Cash flow improves from $116 million in 2022 to $168 million in 2025[29] - Net Income improves from $39 million in 2022 to $71 million in 2025[29]

Avangrid, Inc. (NYSE:AGR) Q3 2023 Earnings Conference Call October 26, 2023 10:00 AM ET Company Participants Alvaro Ortega - VP of Finance, IR & Treasury Pedro Blazquez - CEO Patricia Cosgel - CFO Catherine Stempien - President & CEO, Avangrid Networks Jose Antonio Miranda - President & CEO, Avangrid Renewables Conference Call Participants Richard Sunderland - JPMorgan Michael Sullivan - Wolfe Research Sophie Karp - KeyBanc Julien Dumoulin-Smith - Bank of America Angie Storozynski - Seaport Research Operato ...