[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents Avangrid's unaudited condensed consolidated financial statements for Q3 and 9M 2023 and 2022, including income, balance sheets, and cash flows Condensed Consolidated Statements of Income (Q3 & 9M 2023 vs 2022) | (Millions, except per share data) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenues** | $1,974 | $1,838 | $6,027 | $5,765 | | **Operating Income** | $89 | $112 | $480 | $635 | | **Net Income** | $31 | $106 | $297 | $694 | | **Net Income Attributable to Avangrid, Inc.** | $59 | $105 | $389 | $734 | | **Earnings Per Share, Diluted** | $0.15 | $0.27 | $1.00 | $1.90 | Condensed Consolidated Balance Sheets (As of Sep 30, 2023 vs Dec 31, 2022) | (Millions) | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $3,058 | $3,210 | | **Total Property, Plant and Equipment** | $32,068 | $30,994 | | **Total Assets** | $42,386 | $41,123 | | **Total Current Liabilities** | $3,927 | $4,416 | | **Total Non-current Liabilities** | $18,084 | $16,365 | | **Total Liabilities** | $22,011 | $20,781 | | **Total Equity** | $20,375 | $20,342 | | **Total Liabilities and Equity** | $42,386 | $41,123 | Condensed Consolidated Statements of Cash Flows (9M 2023 vs 2022) | (Millions) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $757 | $894 | | **Net Cash Used in Investing Activities** | ($2,024) | ($2,020) | | **Net Cash Provided by (Used in) Financing Activities** | $1,279 | ($288) | | **Net Increase (Decrease) in Cash** | $12 | ($1,414) | [Note 1: Background and PNMR Merger](index=12&type=section&id=Note%201.%20Background%20and%20Nature%20of%20Operations) - Avangrid is an energy services holding company with two main subsidiaries: Avangrid Networks (regulated transmission and distribution) and Avangrid Renewables (renewable energy generation) Iberdrola, S.A. owns **81.6%** of Avangrid's common stock[29](index=29&type=chunk) - The proposed merger with PNM Resources (PNMR) is pending The NMPRC rejected the merger agreement in December 2021, and Avangrid/PNM have appealed to the New Mexico Supreme Court, with oral arguments held on September 15, 2023 The outcome is not predictable[30](index=30&type=chunk)[31](index=31&type=chunk) - The merger agreement's 'End Date' has been extended multiple times, most recently to **December 31, 2023**, with an option for a further **90-day** extension upon mutual agreement[34](index=34&type=chunk) [Note 4: Revenue](index=14&type=section&id=Note%204.%20Revenue) - The Networks segment primarily generates revenue from tariff-based sales of electricity and natural gas The Renewables segment's revenue comes mainly from the sale of energy, capacity, and renewable energy credits (RECs) from its wind, solar, and thermal facilities[48](index=48&type=chunk)[55](index=55&type=chunk) Disaggregated Revenue by Segment (Nine Months Ended Sep 30, 2023) | (Millions) | Networks | Renewables | Other | Total | | :--- | :--- | :--- | :--- | :--- | | **Regulated operations – electricity** | $3,602 | $— | $— | $3,602 | | **Regulated operations – natural gas** | $1,158 | $— | $— | $1,158 | | **Nonregulated operations – wind** | $— | $638 | $— | $638 | | **Derivative revenue** | $— | $335 | $— | $335 | | **Total operating revenues** | $4,936 | $1,092 | ($1) | $6,027 | - As of September 30, 2023, the company expects to recognize **$357 million** in future revenue from unsatisfied performance obligations on multiyear contracts, with **$161 million** expected in 2024[64](index=64&type=chunk) [Note 5: Regulatory Assets and Liabilities](index=17&type=section&id=Note%205.%20Regulatory%20Assets%20and%20Liabilities) - On October 12, 2023, the NYPSC approved a three-year rate plan for NYSEG and RG&E, effective November 1, 2023, with a make-whole provision back to May 1, 2023 The plan allows a **9.20% ROE** on a **48.00% common equity ratio**[72](index=72&type=chunk)[75](index=75&type=chunk) - On June 6, 2023, the MPUC approved a two-year rate plan for CMP, providing for a **9.35% ROE** on a **50% equity ratio**, with rate increases beginning July 1, 2023[68](index=68&type=chunk)[69](index=69&type=chunk) - On August 25, 2023, PURA issued a Final Decision on UI's one-year rate plan, allowing a **$23 million** rate increase based on a **9.1% ROE** (reduced to **8.63%** by adjustments) UI has appealed this decision in Connecticut Superior Court[91](index=91&type=chunk) Regulatory Assets and Liabilities Summary | (Millions) | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total regulatory assets** | $3,057 | $2,768 | | *Key Components:* | | | | Storm costs | $767 | $671 | | Unfunded future income taxes | $545 | $492 | | **Total regulatory liabilities** | $3,073 | $3,269 | | *Key Components:* | | | | 2017 Tax Act | $1,198 | $1,232 | | Accrued removal obligations | $1,150 | $1,178 | [Note 8: Contingencies and Commitments](index=40&type=section&id=Note%208.%20Contingencies%20and%20Commitments) - Commonwealth Wind terminated its PPAs with Massachusetts EDCs, agreeing to a **$48 million** termination payment The DPU approved the termination in August 2023[212](index=212&type=chunk) - Park City Wind terminated its PPAs with Connecticut EDCs, agreeing to an approximately **$16 million** termination payment PURA approved the termination in October 2023[213](index=213&type=chunk) - The NECEC project has committed to approximately **$90 million** in future payments for various programs in Maine, which were suspended during the construction halt and restarted in July 2023[216](index=216&type=chunk) - As of September 30, 2023, Avangrid had approximately **$801 million** of outstanding standby letters of credit, surety bonds, and guarantees[214](index=214&type=chunk) [Note 13: Segment Information](index=47&type=section&id=Note%2013.%20Segment%20Information) - The company's two reportable segments are Networks (regulated energy transmission and distribution) and Renewables (renewable energy generation and trading)[241](index=241&type=chunk) Segment Financials (Nine Months Ended Sep 30, 2023) | (Millions) | Networks | Renewables | Other (Corp/Elim) | Total | | :--- | :--- | :--- | :--- | :--- | | **Revenue - external** | $4,935 | $1,092 | $0 | $6,027 | | **Operating income (loss)** | $531 | ($46) | ($5) | $480 | | **Adjusted net income (loss)** | $364 | $170 | ($100) | $434 | | **Total assets (as of Sep 30, 2023)** | $29,161 | $13,926 | ($701) | $42,386 | [Note 19: Equity Method Investments](index=54&type=section&id=Note%2019.%20Equity%20Method%20Investments) - Renewables holds a **50%** indirect ownership interest in Vineyard Wind 1, LLC, a joint venture for offshore wind development This entity is considered a Variable Interest Entity (VIE) but is not consolidated[281](index=281&type=chunk)[283](index=283&type=chunk) - In Q3 2023, Renewables made a capital contribution of **$78 million** to Vineyard Wind 1 The carrying amount of the investment was **$87 million** as of September 30, 2023[283](index=283&type=chunk) - On October 24, 2023, Vineyard Wind 1 closed a tax equity financing (TEF) agreement and is expected to receive approximately **$1.2 billion** from investors as project milestones are met[284](index=284&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on Avangrid's financial condition and results, covering business overview, risks, regulatory updates, and liquidity [Overview](index=55&type=section&id=Overview) - Avangrid operates two primary businesses: Avangrid Networks, serving ~**3.3 million** utility customers in New York and New England, and Avangrid Renewables, with **9.2 GW** of owned and operated generation capacity, primarily wind and solar[288](index=288&type=chunk)[290](index=290&type=chunk)[292](index=292&type=chunk) - The company is pursuing a merger with PNM Resources (PNMR), which would expand its regulated utility presence to **six states** The merger is pending a decision from the New Mexico Supreme Court after being rejected by the NMPRC[295](index=295&type=chunk)[299](index=299&type=chunk) [Business Environment](index=58&type=section&id=Business%20Environment) - The company is monitoring risks from global economic conditions, including inflation and supply chain disruptions Specific concerns include a DOC anti-circumvention petition on solar panels, potential maritime crewing legislation affecting offshore wind, and an inquiry from the U.S. Fish and Wildlife Service regarding eagle fatalities[305](index=305&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk)[309](index=309&type=chunk) - In June 2023, U.S. Customs and Border Protection (CBP) denied entry to ~**220 MWs** of solar modules intended for two projects due to insufficient documentation under the Uyghur Forced Labor Prevention Act (UFLPA) Avangrid has since entered an agreement to assign these modules to an Iberdrola subsidiary[310](index=310&type=chunk) [Legislative and Regulatory Update](index=59&type=section&id=Legislative%20and%20Regulatory%20Update) - The New England Clean Energy Connect (NECEC) project resumed limited construction on August 3, 2023, following a favorable jury verdict that the project had obtained vested rights, preventing a retroactive voter initiative from halting it[329](index=329&type=chunk)[331](index=331&type=chunk) - A government-run power referendum, which could lead to the seizure of investor-owned utility assets, was certified for the November 2023 ballot in Maine[334](index=334&type=chunk) - The NYPSC approved the 2023 Joint Proposal for NYSEG and RG&E, which includes provisions supporting the state's Climate Leadership and Community Protection Act (CLCPA), such as increased funding for energy efficiency and system enhancements for electrification[348](index=348&type=chunk) - The Inflation Reduction Act of 2022 (IRA) is effective for the company starting in 2023 While the company expects to incur the new Corporate Alternative Minimum Tax (CAMT), it is not expected to have a material impact on earnings or cash flow[351](index=351&type=chunk)[352](index=352&type=chunk) [Results of Operations](index=65&type=section&id=Results%20of%20Operations) Q3 2023 vs Q3 2022 Performance Summary | (Millions) | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $1,974 | $1,838 | +$136 | | **Operating Income** | $89 | $112 | -$23 | | **Net Income Attributable to Avangrid** | $59 | $105 | -$46 | - **Q3 2023 vs Q3 2022 Changes:** - **Networks Revenue:** Increased **$41 million**, primarily due to rate increases in New York - **Renewables Revenue:** Increased **$94 million**, driven by higher wind/solar generation, favorable trading, and positive mark-to-market changes - **O&M Expenses:** Increased **$166 million**, largely due to a **$40 million** offshore contract provision, increased corporate costs, and higher flow-through amortizations (offset in revenue) - **Interest Expense:** Increased **$31 million**, mainly from higher debt balances and rates[358](index=358&type=chunk)[359](index=359&type=chunk)[362](index=362&type=chunk)[366](index=366&type=chunk) - **9M 2023 vs 9M 2022 Changes:** - **Renewables Revenue:** Increased **$271 million**, driven by higher generation, favorable trading, and significant positive mark-to-market changes - **Networks O&M:** Increased **$182 million** due to higher business costs, personnel expenses, and uncollectibles - **Equity Method Earnings:** Decreased by **$256 million**, primarily because the 2022 period included a **$246 million** pre-tax gain from the offshore joint venture restructuring[369](index=369&type=chunk)[373](index=373&type=chunk)[376](index=376&type=chunk) [Non-GAAP Financial Measures](index=69&type=section&id=Non-GAAP%20Financial%20Measures) - The company uses non-GAAP measures like Adjusted Net Income and Adjusted EBITDA to evaluate performance Adjustments exclude mark-to-market earnings, COVID-19 costs, PNMR merger costs, and an offshore contract provision[380](index=380&type=chunk)[381](index=381&type=chunk) Reconciliation of Net Income to Adjusted Net Income (Q3 & 9M) | (Millions) | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net Income Attributable to Avangrid** | **$59** | **$105** | **$389** | **$734** | | Mark-to-market earnings | $23 | $22 | $19 | $17 | | Merger costs | $1 | $1 | $2 | $3 | | Offshore contract provision | $40 | $— | $40 | $— | | Income tax impact of adjustments | ($17) | ($6) | ($16) | ($6) | | **Adjusted Net Income** | **$105** | **$122** | **$434** | **$749** | [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity Position | (in millions) | As of Sep 30, 2023 | As of Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $75 | $69 | | Avangrid Credit Facility | $3,575 | $3,575 | | Iberdrola Group Credit Facility | $750 | $500 | | Less: borrowings (Commercial Paper) | ($954) | ($397) | | **Total Liquidity** | **$3,446** | **$3,747** | - The company expects to incur approximately **$1.1 billion** in capital expenditures for the remainder of 2023[408](index=408&type=chunk) - In July 2023, the company entered into an **$800 million** green term loan agreement with Iberdrola Financiación, S.A.U., maturing in 2033[404](index=404&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=76&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) States no material changes in market risk exposures during the nine months ended September 30, 2023, compared to the 2022 Form 10-K filing - There have been no material changes in market risk during the nine months ended September 30, 2023, as compared to those reported for the fiscal year ended December 31, 2022[423](index=423&type=chunk) [Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal controls during the quarter - Based on an evaluation by management, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[425](index=425&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[426](index=426&type=chunk) [PART II. OTHER INFORMATION](index=78&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 8 (Contingencies) and Note 9 (Environmental Liabilities) for information on potentially material legal proceedings - For a discussion of potentially material legal proceedings, the report refers to "Note 8—Contingencies" and "Note 9—Environmental Liabilities" in Part I, Item 1[430](index=430&type=chunk) [Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) Advises shareholders and investors to consider risk factors previously disclosed in the company's 2022 Form 10-K - The report refers shareholders and prospective investors to the risk factors disclosed in the Form 10-K for the fiscal year ended December 31, 2022[431](index=431&type=chunk) [Other Required Disclosures](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Confirms no unregistered equity sales, no defaults on senior securities, and no new Rule 10b5-1 trading plans by directors or officers during the quarter - The company reports no unregistered sales of equity securities or defaults upon senior securities during the period[432](index=432&type=chunk)[433](index=433&type=chunk) - During the quarter ended September 30, 2023, no directors or executive officers entered into new trading plans intended to comply with Exchange Act Rule 10b5-1[436](index=436&type=chunk)

Avangrid, Inc. (NYSE:AGR) Q2 2023 Results Conference Call July 27, 2023 10:00 AM ET Company Participants Alvaro Ortega - Vice President of Finance, Investor Relations and Treasury Pedro Blazquez - Chief Executive Officer Patricia Cosgel - Chief Financial Officer Catherine Stempien - President and Chief Executive Officer, Avangrid Networks Jose Antonio Miranda - President and Chief Executive Officer, Avangrid Renewables Conference Call Participants Richard Sunderland - JPMorgan Julien Dumoulin-Smith - Bank o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q For the transition period from to i Commission File No. 001-37660 Avangrid, Inc. (Exact Name of Registrant as Specified in its Charter) New York 14-1798693 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 180 Marsh Hill Road Orange, Connecticut 06477 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (207) 629-1190 Securities ...

Avangrid Inc. (NYSE:AGR) Q1 2023 Results Conference Call April 26, 2023 10:00 AM ET Company Participants Alvaro Ortega - VP, Finance, IR and Treasury Pedro Azagra - CEO Patricia Cosgel - CFO Catherine Stempien - President and CEO, Avangrid Networks Jose Antonio - President and CEO Conference Call Participants Richard Sunderland - JPMorgan Michael Sullivan - Wolfe Research David Arcaro - Morgan Stanley Julien Dumoulin-Smith - Bank of America Angie Storozynski - Seaport Research Operator Good morning or good ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to i Commission File No. 001-37660 Avangrid, Inc. (Exact Name of Registrant as Specified in its Charter) New York 14-1798693 (State or other jurisdiction of incorporation ...

Avangrid, Inc. (NYSE:AGR) Q4 2022 Earnings Conference Call February 22, 2023 10:00 AM ET Company Participants Alvaro Ortega - VP, Finance, IR and Treasury Pedro Azagra - CEO Patricia Cosgel - CFO Catherine Stempien - President and CEO, Avangrid Networks Conference Call Participants Richard Sunderland - JPMorgan David Arcaro - Morgan Stanley Michael Sullivan - Wolfe Research Julien Dumoulin-Smith - Bank of America Angie Storozynski - Seaport Research Operator Ladies and gentlemen, welcome to Avangrid's Fourt ...

RESULTS PRESENTATION 2022 February 22, 2023 RESULTS PRESENTATION / 2022 Legal Notice FORWARD LOOKING STATEMENTS Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms s ...

Investment and Capacity - Networks invested $8.9 billion over the last five years to enhance its delivery network, improving capacity, reliability, and sustainability[31] - As of December 31, 2022, Networks served a total of 2,310,881 electricity customers and delivered 36,870,000 MWh of electricity[32] - The total rate base for the company increased to $12.658 billion in 2022, up from $11.733 billion in 2021, representing a growth of approximately 7.9%[40] - The total installed capacity of Networks' electricity generation facilities is 61.4 MW from hydroelectric sources and 8.3 MW from diesel turbines as of December 31, 2022[101] - Networks' regulated utilities have a total of 97,832 miles of distribution lines, including 86,155 miles of overhead distribution lines and 11,677 miles of underground lines as of December 31, 2022[103] - Networks' electricity transmission and distribution activities include 8,710 miles of transmission lines and 23,559 miles of natural gas distribution pipelines as of December 31, 2022[104] Renewable Energy Projects - Renewables produced 19,683,719 MWh of energy through wind power generation in 2022, with onshore wind representing about 95% of its installed capacity[41] - The company has a pipeline of 25,584 MW of future renewable energy projects, including 19,645 MW onshore and 5,939 MW offshore[41] - Vineyard Wind 1 project, an 806 MW offshore wind project, is expected to generate clean energy for over 400,000 households and reduce carbon emissions by over 1.6 million tons annually[45] - The average price for the Vineyard Wind 1 project’s 20-year PPAs is $88.77/MWh, with prices starting at $65/MWh and escalating 2.5% annually[45] - The Park City Wind project, an 804 MW project, has an average price of $79.83/MWh for its 20-year PPAs, starting at $62.50 and escalating 2.5% annually[46] - Commonwealth Wind project has signed 1200 MW contracts with Massachusetts electric distribution companies at an average price of $76.06/MWh, starting from $59.60 and escalating at 2.5% annually[47] - Renewables operates two thermal generation facilities with a combined capacity of 636 MW, including the Klamath Plant with 536 MW capacity[49] - Renewables has five solar photovoltaic facilities with an installed capacity of 324 MW, producing over 317,580 MWh of renewable energy in 2022, accounting for 2.0% of total renewable energy generation[50] - The total installed capacity of wind projects in Renewables' portfolio is 1,200 MW as of December 31, 2022, with various projects located across multiple states[106] Regulatory and Environmental Compliance - The company is subject to numerous federal, state, and local environmental regulations, including the National Environmental Policy Act (NEPA) for environmental impact assessments[74] - Networks' projects must comply with the federal Toxic Substances Control Act and Resource Conservation and Recovery Act regarding hazardous waste management[75][76] - The company aims to achieve carbon neutrality for Scopes 1 and 2 by 2030, with specific goals for renewable electricity and emission-free generation capacity[91] - Networks is required to report greenhouse gas emissions, with SCG and CNG exceeding the threshold of 25,000 metric tons per year[86] - A consent order mandates UI to investigate and remediate environmental conditions at the English Station site, with costs potentially exceeding $30 million[90] - The company is continuously evaluating regulatory risks related to climate change and greenhouse gas emissions, which may affect operational costs[87] Financial Performance and Risk Management - Total debt outstanding was $9,024 million at December 31, 2022, with $1,146 million having a floating interest rate[477] - A change of 25 basis points in the floating interest rate would result in an annual fluctuation of approximately $3 million in interest expense or income[477] - The average Value-at-Risk (VaR) for 2022 was $13.6 million, compared to an average of $11.3 million in 2021, indicating increased risk exposure[474] - Approximately 97% of energy management counterparty credit risk exposure is associated with companies that have investment grade credit ratings[482] - The company has established risk management policies to monitor and manage market risks, including commodity price, interest rate, and credit risks[470] - Long-term supply contracts are utilized to reduce exposure to market fluctuations in energy prices[471] - The estimated fair value of long-term debt at December 31, 2022, was $7,991 million, compared to a book value of $8,627 million[477] Workforce and Diversity Initiatives - As of December 31, 2022, AVANGRID employed 7,579 employees, with 91.5% based in five states: Connecticut, Massachusetts, Maine, New York, and Oregon[119] - The total employee turnover rate for the year ended December 31, 2022, was 13.5%, with voluntary turnover at 7.6%, involuntary turnover at 1.1%, and retirement at 4.8%[120] - AVANGRID aims for women to represent 35% of executive positions and 50% of senior leaders by 2030, alongside a 40% reduction in employee accident rates by 2030[119] - Approximately 46.0% of employees are represented by a collective bargaining agreement, with no union contracts set to expire in 2023[119] - In 2022, AVANGRID launched several mental health initiatives, including the Daylight anxiety management program and the Sleepio sleep improvement app[124] - The company completed over 17,000 safety observations in 2022 as part of its safety culture initiatives[123] - AVANGRID's diversity initiatives included 87% of employees completing unconscious bias training in the past 24 months[121] - The company hosted over 50 events in 2022 through its Business Resource Groups to promote diversity and inclusion[122] Security and Technology Investments - AVANGRID has established a comprehensive physical and cyber security program to protect its assets and infrastructure[115] - The company continues to invest in technology and security measures to mitigate operational risks related to cybersecurity and physical security[117] Supply Chain and Operational Control - Renewables maintains operational control over wind and solar farms through tax equity financing structures, allowing investors to receive tax benefits until a negotiated return is achieved[48] - The company relies on key turbine suppliers like Siemens-Gamesa and GE Wind, which supplied 70% of Renewables' installed wind capacity as of December 31, 2022[47] - Renewables utilizes advanced meteorological equipment for accurate pre-construction energy production estimates, enhancing project investment confidence[52] - The DPU approved Commonwealth Wind's contracts on December 30, 2022, despite the company's motion to dismiss due to economic challenges[47] - Renewables focuses on ensuring solar projects deliver the lowest cost of energy, supported by a network of experienced industry consultants[52] - Renewables has a robust development pipeline and strong relationships with suppliers and clients, which are key competitive advantages[98] - Renewables competes for long-term renewable energy PPAs and participates in competitive energy markets, which may be affected by energy legislation and regulation[98]

Avangrid, Inc. (NYSE:AGR) Q3 2022 Earnings Conference Call October 26, 2022 10:00 AM ET Corporate Participants Alvaro Ortega - Vice President of Finance Investor Relations and Treasury Pedro Azagra - Chief Executive Officer Patricia Cosgel - Chief Financial Officer Catherine Stempien - President and Chief Executive Officer, Avangrid Networks Conference Call Participants Richard Sunderland - JPMorgan Insoo Kim - Goldman Sachs Julien Dumoulin-Smith - Bank of America Michael Sullivan - Wolfe Research David Arc ...