Avangrid

Last updated
Avangrid, Inc.
Company type Public
NYSE:  AGR
Russell 1000 Component
IndustryEnergy and Utilities
PredecessorEnergy East and Iberdrola USA
Headquarters
Orange, Connecticut
,
United States
Area served
 New York, New England, Pennsylvania
Key people
Pedro Azagra, CEO [1]
Serviceshydroelectric generation, electric transmission and distribution, natural gas distribution, propane/air distribution, energy services
Number of employees
7,000
Parent Iberdrola owns 81.5% [2] of Avangrid
Subsidiaries Avangrid Renewables, Berkshire Gas, Central Maine Power, Connecticut Natural Gas (CNG), Maine Natural Gas, New York State Electric & Gas (NYSEG), Rochester Gas and Electric Corporation (RG&E), Southern Connecticut Gas (SCG), NM Green Holdings INC and United Illuminating (UI)
Website www.avangrid.com

Avangrid, Inc. (formerly Energy East and Iberdrola USA), is an energy services and delivery company. Avangrid serves about 3.1 million customers throughout New England, Pennsylvania and New York in the United States. [3]

Contents

History

In 2008 Iberdrola S.A. purchased Energy East. [4] Iberdrola renamed the company Iberdrola USA. [5]

In November 2010, Iberdrola USA sold its gas distribution companies in Connecticut and Massachusetts, the Southern Connecticut Gas Company, Connecticut Natural Gas Corporation, and the Berkshire Gas Company, to UIL Holdings Corporation.

In 2012, Iberdrola USA sold its energy services companies, Energetix and NYSEG Solutions, to Direct Energy. [6]

In February 2015, Iberdrola USA announced that it had entered into a merger agreement with UIL Holdings Corporation under which UIL Holdings Corporation would merge into a subsidiary of Iberdrola USA, Inc. In December 2015, the acquisition was finalized and the company announced a new name, AVANGRID. [7] [8]

Avangrid won an auction for an offshore wind area near North Carolina by bidding $9 million in March 2017. [9]

Avangrid supports the adoption of electric vehicles. In 2017, Avangrid donated $2 million to the Connecticut Hydrogen and Electric Automobile Purchase Rebate program. The program was launched in 2015 and gives money in the form of rebates to consumers who purchase zero-emissions vehicles, which includes electric vehicles. [10] The company also installed electric vehicle charging stations at several of its facilities. [11] In 2018, Avangrid held an "electric vehicle fair" for its employees, with the goal of enabling these employees, if they so chose, to purchase electric vehicles. [12]

In 2021, Avangrid's subsidiary, Central Maine Power Company, was fined $360,000 for violating standards for industry testing. These standards are intended to maintain electrical stability and prevent electrical outages. [13]

In July 2024, Avangrid sold the company's Kitty Hawk North offshore wind lease to Virginia Electric and Power Company, a subsidiary of Dominion Energy, for $160 million. [14] [15]

Subsidiaries

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References

  1. ↑ Hardaway, Liz (March 4, 2022). "United Illuminating parent company gets new CEO". CT Insider.
  2. ↑ "Avangrid - Iberdrola".
  3. ↑ "AVANGRID | About Us". www.avangrid.com. Archived from the original on 2016-08-25. Retrieved 2016-08-18.
  4. ↑ Securities and Exchange Commission https://www.sec.gov/Archives/edgar/data/1046861/000104686108000095/e10q2q08.htm#legalproc
  5. ↑ Adams, Thomas (2009-12-07). "Energy East becomes Iberdrola USA". Rochester Business Journal. Rochester, New York. Archived from the original on 2011-07-17. Retrieved 2009-12-07.
  6. ↑ "Direct Energy acquires Iberdrola USA subsidiaries for £71m". www.newstatesman.com.
  7. ↑ Kurane, Supriya (26 February 205). "Spain's Iberdrola to buy UIL Holdings for about $3 billion". Reuters. Retrieved 20 June 2024.
  8. ↑ Tweed, Katherine (2015-12-18). "Iberdrola USA and UIL Merge to Form Utility Giant Avangrid". Green Tech Media.
  9. ↑ "North Carolina Activities". Bureau of Ocean Energy Management . Retrieved 18 March 2017.
  10. ↑ "Orange-based utility gives $2 million grant to support state electric vehicle rebate program". StamfordAdvocate. 2017-11-22. Retrieved 2018-11-24.
  11. ↑ "Advocates Urge Connecticut Utility Regulators to Plan for EVs". www.govtech.com. Retrieved 2018-11-24.
  12. ↑ "Avangrid holds first electric vehicle fair" . Retrieved 2018-11-24.
  13. ↑ Turkel, Tux (June 9, 2021). "CMP Fined $360,000 for Violation of Transmission Testing Standards". Portland Press Herald (Portland, Maine). Sun-Journal (Lewiston, Maine). p. C8.
  14. ↑ "Avangrid sells Kitty Hawk North offshore wind lease to Dominion". Yahoo Finance. 2024-07-09. Retrieved 2024-07-09.
  15. ↑ "Dominion to buy Kitty Hawk offshore wind lease from Avangrid for $160 million". WHRO Public Media. 2024-07-09. Retrieved 2024-07-09.
  16. 1 2 "Avangrid Subsidiaries NYSEG and RG&E Deliver Best Reliability in Five Years". Businesswire. 14 February 2024. Retrieved 25 June 2024.
  17. 1 2 Turmelle, Luther (14 May 2024). "Avangrid says its plan to invest $191M in CT gas companies, UI hinges on legal, regulatory rulings". CT Inisder. Retrieved 25 June 2024.
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