Financial Performance - Avangrid's operating revenues increased by $109 million from $1,974 million in Q3 2023 to $2,083 million in Q3 2024[250]. - Net income attributable to Avangrid rose by $146 million from $59 million in Q3 2023 to $205 million in Q3 2024, primarily due to rate increases in New York and lower operating expenses in Renewables[250]. - Adjusted net income increased by $106 million from $105 million in Q3 2023 to $211 million in Q3 2024, driven by a $68 million increase in Networks and a $32 million increase in Renewables[251]. - Operating revenues increased by $396 million from $6,027 million for the nine months ended September 30, 2023 to $6,423 million for the same period in 2024[294]. - Adjusted net income for the nine months ended September 30, 2024, was $741 million, up from $434 million in the same period of 2023, reflecting a 71% increase[316]. Revenue Segments - Networks segment operating revenues rose by $84 million from $1,587 million to $1,671 million, driven by a $138 million increase in electricity and gas revenues due to rate increases in New York[285]. - Renewables segment operating revenues increased by $26 million from $387 million to $413 million, primarily due to higher merchant prices and favorable changes in energy derivative transactions[286]. - Networks segment operating revenues rose by $343 million to $5,279 million, driven by a $320 million increase in electricity and gas revenues due to rate increases in New York[294]. - Renewables segment operating revenues increased by $55 million to $1,147 million, primarily due to a $56 million rise in favorable thermal and power trading[295]. Expenses and Costs - Total operating expenses for the three months ended September 30, 2024, were $1,829 million, compared to $1,460 million for the same period in 2023[283]. - Operations and maintenance expenses decreased by $58 million from $924 million to $866 million, with a notable decrease in Renewables expenses driven by prior year provisions[288]. - Depreciation and amortization increased by $24 million from $303 million to $327 million, primarily due to plant additions and accelerated depreciation from wind farm repowering[290]. - Interest expense for the nine months ended September 30, 2024 was $379 million, an increase of $78 million compared to $301 million for the same period in 2023[302]. Projects and Investments - The New England Clean Energy Connect project has estimated construction costs of approximately $1.5 billion and aims to add 1,200 MW of transmission capacity[253]. - As of September 30, 2024, the company has capitalized approximately $1,294 million for the NECEC project, including capitalized interest costs and construction costs[264]. - The U.S. Department of Energy awarded Avangrid a $425 million capacity contract for its Aroostook Renewable Project[280]. - The New England Wind 1 offshore wind development project is expected to provide 791 MW of power to Massachusetts, with a commercial operation date set for 2029[281]. Regulatory and Compliance - Avangrid entered into a Merger Agreement with Iberdrola, with each share of common stock to be converted into $35.75 in cash upon the merger's effective time[243]. - The merger is subject to customary closing conditions, including approvals from regulatory bodies such as the NYPSC[244]. - Avangrid received FERC approval for the merger and shareholder approval at its 2024 annual meeting[245]. - The NYPSC approved an estimated $4.4 billion in transmission upgrades to integrate 3,500 MW of clean energy capacity into the grid, with NYSEG and RG&E's share estimated at $2.2 billion[274]. Economic and Market Conditions - The company continues to face external economic challenges, including inflation and supply chain disruptions, but has not yet seen a material impact on operations[247]. - The company is monitoring the Department of Commerce's anti-circumvention determination regarding solar panel tariffs, with no material impact on operations reported to date[272]. - Risks include adverse developments in market conditions, inflation, supply-chain interruptions, and labor costs, which could impact renewable energy projects[346]. - The ongoing geopolitical conflict with Russia and Ukraine is recognized as a significant external risk factor[346]. Financial Position and Liquidity - As of September 30, 2024, the total liquidity position was $2,241 million, down from $3,084 million as of December 31, 2023[321]. - The company has a commercial paper program with a limit of $2 billion, with $1,928 million outstanding as of September 30, 2024[322]. - Cash provided by operating activities for the nine months ended September 30, 2024, was $940 million, an increase of $183 million compared to $757 million in the same period of 2023[334]. - Net cash used in investing activities for the nine months ended September 30, 2024, was $3,082 million, compared to $2,024 million in the same period of 2023[335]. Tax and Accounting - The IRS released private letter rulings in June 2024, resulting in a $14 million tax expense reduction for the company related to its 2017 Tax Act regulatory liability[278]. - The effective tax rate for the nine months ended September 30, 2024 was 7.7%, below the federal statutory tax rate of 21%[303]. - As of September 30, 2024, notable changes in significant accounting policies were made in accordance with new accounting pronouncements adopted on January 1, 2024[341][342]. Internal Controls and Risks - The company emphasizes the importance of maintaining effective internal control over financial reporting to meet financial obligations[344]. - The company acknowledges the potential impact of climate change and extreme weather events on its operations[346]. - There is a risk of reputational harm due to adverse publicity or unforeseen factors[346]. - The ability to recover costs in a timely manner through regulatory mechanisms is a critical concern for the company's utility operations[344].

Core Insights - Avangrid, Inc. (AGR) reported third-quarter 2024 earnings of 55 cents per share, exceeding the Zacks Consensus Estimate of 33 cents by 66.7% and marking a 104% increase from the previous year's figure of 27 cents [1] - Total operating revenues reached $2.08 billion, surpassing the Zacks Consensus Estimate of $2.01 billion by 3.7% and reflecting a 5.5% increase from $1.97 billion in the same period of 2023 [2] Financial Performance - Operating expenses totaled $1.83 billion, down 3.1% from $1.89 billion a year ago, attributed to lower costs in purchased power, natural gas, fuel, and operation and maintenance [3] - Operating income was $254 million, up 185% from $89 million reported a year earlier [3] - Adjusted net income reached $211 million, a 101% increase from $105 million in the comparable period of 2023 [3] Project Developments - The company completed the installation of modules at the True North solar project (238 MW) in Texas and initiated work on the Camino solar farm (57 MW) in California, marking its first solar project in the state [3] - Avangrid's New England Wind 1 offshore wind project was awarded 791 MW in a multi-state regional offshore wind solicitation by the Commonwealth of Massachusetts [4] - The company secured a $425 million Federal capacity contract related to its upcoming transmission request for proposal bid in Maine, representing one of the largest Federal investments in energy development in the state's history [4] Segment Performance - Networks' adjusted net income was $161 million, up 75% from $92 million in the year-ago quarter, driven by the execution of existing rate plans in New York and Maine [5] - Renewables' adjusted net income increased to $93 million from $9 million a year ago, supported by strong balancing resource performance and increased pricing, despite higher depreciation expenses and lower production [5] - Corporate and Others segment reported a net loss of $48 million, compared to a net loss of $43 million in the previous year [5]

Exhibit 99.1 FOR IMMEDIATE RELEASE Contacts: Analysts: Charlotte Ancel, Charlotte.Ancel@Avangrid.com, 203-997-7366 Media: Leo Rosales, Leo.Rosales@Avangrid.com, 518-419-2401 AVANGRID REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS • Delivered year-to-date 2024 earnings of $1.87 per share and adjusted earnings of $1.91 per share, +87% & +71% year-over-year, respectively • $2.9 billion of capital expenditures in first nine months of 2024 • Executing on multi-year rate plans in New York and Maine, including more ...

Core Viewpoint - Avangrid, Inc. is set to release its third-quarter 2024 results on October 22, with expectations of a positive earnings report following an earnings surprise of 81.5% in the previous quarter [1] Factors to Consider - The upcoming earnings are expected to benefit from a new data analytics method implemented at New York State Electric & Gas and Rochester Gas and Electric, enhancing service reliability and reducing costs associated with tree removal [2] - The True North solar plant in Falls County, TX, which began generating electricity in July 2024 with a capacity of 20 megawatts (MW), is anticipated to positively impact the quarterly results [2] - The commissioning of 10 Vineyard Wind 1 turbines, producing 136 MW, at the end of Q2 2024 is likely to contribute positively to earnings for the third quarter [2] - However, power outages caused by hurricanes in New York, Connecticut, and Maine may negatively affect the quarterly results [2] Q3 Expectations - The Zacks Consensus Estimate for earnings is projected at 33 cents per share, reflecting a year-over-year increase of 22.2% [3] - The Zacks Consensus Estimate for revenues is set at $2.01 billion, indicating a year-over-year improvement of 1.7% [3] Quantitative Model Predictions - The current model does not predict a definitive earnings beat for Avangrid, as the Earnings ESP stands at 0.00% and the company holds a Zacks Rank of 3 (Hold) [4]

Group 1 - The leader of the investing group "The Dividend Dog Catcher" shares at least one new dividend stock idea weekly, focusing on yield or extraordinary financial circumstances [1] - All investment ideas are archived and available after the weekly announcement, providing a resource for investors [1] Group 2 - The article emphasizes that it is for informational and educational purposes only and should not be construed as investment advice [2] - It clarifies that past performance is not indicative of future results, and no specific recommendations are made regarding the suitability of investments for individual investors [3]

Avangrid Inc.’s (AGR) consistent investments are expected to aid its infrastructure and facilities further and boost its performance. The company’s expanding wind and solar generation portfolio also acts as a tailwind.However, failure in accomplishing the projects within time and budget and stringent regulations act as headwinds.Tailwinds for AvangridAvangrid invested $3 billion in 2023, with nearly 74% of the amount dedicated to its Networks segment and the rest to its Renewables segment and others. In the ...

Avangrid (AGR) announced that it received $425 million contract from the U.S. Department of Energy (“DOE”) to construct high-voltage transmission lines for the Aroostook Renewable Project. This high-voltage transmission line will connect 1,200 megawatts (MWs) of renewable energy to the New England power grid in Maine.Construction of this high-voltage line by Avangrid is likely to relieve transmission constraints that have stalled the development of renewable resources in Northern Maine for years. This high- ...

Group 1 - Equinor ASA (EQNR) has signed a long-term frame agreement with AGR for subsurface and field development solutions, supporting both offshore and onshore projects [1][2] - The agreement is valid for three years with options to extend for two additional years, providing technological support for early-phase project development [2] - AGR will leverage its expertise in reservoir management and subsurface consulting to assist Equinor in various projects, including energy transition initiatives [3][4] Group 2 - AGR's team consists of experts in geology, reservoir engineering, and production technology, with a proven track record of over 1,700 reservoir studies and involvement in more than 65 carbon capture projects [4] - Equinor is actively exploring new oil and gas fields while upgrading existing infrastructure and working on offshore wind, blue hydrogen, ammonia, and carbon capture technologies [3] - The energy sector includes other companies like PEDEVCO Corp., Archrock Inc., and Subsea7, which are also positioned for growth in the current market [5][6]

Group 1 - The stock of Avangrid, Inc. (AGR) is experiencing significant attention due to high implied volatility in the options market, particularly the Nov. 15, 2024 $40 Put option [1] - Implied volatility indicates market expectations for future stock movement, suggesting potential upcoming events that could lead to significant price changes [2] - Analysts have a mixed outlook on Avangrid, with no earnings estimate increases in the last 60 days and a decrease in consensus estimates from 43 cents to 33 cents per share [3] Group 2 - The current Zacks Rank for Avangrid is 3 (Hold), placing it in the top 16% of the Utility - Electric Power industry [3] - High implied volatility may present trading opportunities, as seasoned options traders often seek to sell premium on such options to capture decay [3]

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