Avangrid's (AGR) Arms Install More Than 700,000 Smart Meters

Core Insights - Avangrid Inc. (AGR) and its subsidiaries, NYSEG and RG&E, are installing over 700,000 smart meters for electric and natural gas customers across New York State, focusing on specific divisions and new builds [1] Smart Meter Benefits - Smart meters enable two-way wireless communication, allowing for accurate billing based on actual usage rather than estimates, enhancing customer understanding and control over energy bills [2] - The installation of smart meters has improved outage response times during recent thunderstorms, contributing to better service reliability for AGR [2] Industry Trends - The number of smart meters in North America is projected to grow from nearly 146 million in 2023 to 182.9 million by 2029, with a compound annual growth rate of 3.8%, leading to a penetration rate of 94% in the U.S. by 2029 [3] - NYSEG and RG&E plan to install over 1.3 million smart electric meters and 600,000 natural gas modules across 17 divisions, with upgrades expected to continue over the next two years [3] Competitor Initiatives - Spire Inc. is investing significantly in advanced meters and aims to enhance customer experience through ultrasonic meter installations [4] - FirstEnergy Corp. plans to deploy 1.4 million smart meters as part of its Grid Modernization efforts, targeting a reduction in power outage frequency [4] - Atmos Energy is focusing on capital expenditures of $3.1 billion in fiscal 2024 to improve distribution safety and reliability, including the installation of wireless meter reading devices [5] Recent Stock Performance - AGR's stock has seen a slight increase of 0.2% over the past three months, compared to a 1% growth in the industry [6]