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

Related Research Articles

Eversource Energy is a publicly traded, Fortune 500 energy company headquartered in Hartford, Connecticut, and Boston, Massachusetts, with several regulated subsidiaries offering retail electricity, natural gas service and water service to approximately 4 million customers in Connecticut, Massachusetts, and New Hampshire.

The Public Service Enterprise Group, Inc. (PSEG) is a publicly traded diversified energy company headquartered in Newark, New Jersey, US established in 1985 with a legacy dating back to 1903.

<span class="mw-page-title-main">Duquesne Light Company</span> Energy services holding company in Pittsburgh, Pennsylvania

Duquesne Light Holdings, Inc. (DLH) is an energy services holding company formed in 1989 to serve as the holding company for Duquesne Light Company and to engage in certain unregulated energy and related businesses. After a 2007 acquisition, DLH is a wholly owned subsidiary of parent company DQE Holdings LLC, with principal executive offices located in Pittsburgh, Pennsylvania.

National Grid plc is a British multinational electricity and gas utility company headquartered in London, England. Its principal activities are in the United Kingdom, where it owns and operates electricity and natural gas transmission networks, and in the Northeastern United States, where as well as operating transmission networks, the company produces and supplies electricity and gas, providing both to customers in New York and Massachusetts.

DTE Electric Company was founded in 1886.

<span class="mw-page-title-main">TXNM Energy</span> Public utility in New Mexico, United States

TXNM Energy is an energy holding company based in Albuquerque, New Mexico. TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM Energy owns both PNM and Texas - New Mexico Power (TNMP)

<span class="mw-page-title-main">Iberdrola</span> Spanish multinational electric utility company

Iberdrola, S.A. is a Spanish multinational electric utility company based in Bilbao, Spain. It has around 40,000 employees and serves around 30 million customers.

<span class="mw-page-title-main">Dominion Energy</span> American energy company

Dominion Energy, Inc., commonly referred to as Dominion, is an American energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Utah, Idaho and Wyoming, West Virginia, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia. Dominion also has generation facilities in Indiana, Illinois, Connecticut, and Rhode Island.

<span class="mw-page-title-main">New York State Electric & Gas</span> Electric and gas utility company in New York, USA

New York State Electric and Gas (NYSEG) is an electric and gas utility company owned by Avangrid that serves customers in New York. NYSEG was incorporated in 1852 as the Ithaca Gas Light Company. Throughout the end of the 19th century and the early part of the 20th century, the corporation went through mergers and acquisitions that combined about 200 utility companies under the name NYSEG. In 1975 the corporation became an 18% partner in the Niagara Mohawk Power Corporation’s Nine Mile Point nuclear plant, and in the 1980s NYSEG completed a series of hydroelectric power plants.

<span class="mw-page-title-main">Wind power in Massachusetts</span> Electricity from wind in one U.S. state

The U.S. state of Massachusetts has vast wind energy resources offshore, as well as significant resources onshore. The 2016 update to the states's Clean Energy and Climate Plan had a goal of reducing 1990 baseline greenhouse gas emissions levels by 25% by 2020. Current goals include installing 3,500 megawatts (MW) of offshore wind power in the state by 2035. However, as of Q4 2021 the state had only 120 MW of wind powered electricity generating capacity, responsible for generating 0.9% of in-state electricity production. The state has awarded contracts to two offshore projects, the 800 MW Vineyard Wind project and 804 MW Mayflower Wind project. Construction began on the Vineyard Wind 1 project on November 18, 2021, after a long fight for approval. Commonwealth Wind was selected for development in 2021, but the developer has attempted to cancel the project due to increased costs. There are eight projects planned for off the southern coast of Massachusetts, though some will deliver power to Rhode Island, Connecticut, and New York.

<span class="mw-page-title-main">NextEra Energy</span> American utility company

NextEra Energy, Inc. is an American energy company with about 58 GW of generating capacity, revenues of over $18 billion in 2020, and about 14,900 employees throughout the US and Canada. It is the world's largest electric utility holding company by market capitalization, with a valuation of over $120 billion as of Nov 2023. Its subsidiaries include Florida Power & Light (FPL), NextEra Energy Resources (NEER), NextEra Energy Partners, Gulf Power Company, and NextEra Energy Services.

UIL Holdings Corporation was a diversified energy delivery company serving a total of 690,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion. In 2015 it merged with Iberdrola USA to form Avangrid.

<span class="mw-page-title-main">The United Illuminating Company</span> Electric distribution company in Connecticut

The United Illuminating Company (UI) is a regional electric distribution company based in Orange, Connecticut. Established in 1899, UI is engaged in the purchase, transmission, distribution and sale of electricity and related services to 325,000 residential, commercial and industrial customers in 17 towns and cities in the greater New Haven and Bridgeport areas. It is a subsidiary of Avangrid.

<span class="mw-page-title-main">José Ignacio Sánchez Galán</span> Spanish businessman

José Ignacio Sánchez Galán1 better known as Ignacio Galán, is a Spanish businessman who currently serves as executive chairman of Iberdrola, a multinational energy company with a presence in dozens of countries worldwide with subsidiaries including ScottishPower in the United Kingdom, Avangrid in USA, Neoenergia in Brazil, Iberdrola Australia and Iberdrola Mexico. In 2019 he is selected by Harvard Business Review as one of the five most important CEOs in the world. while in 2023 Time appointed him as one of the most relevant leaders on fighting against climate change.

<span class="mw-page-title-main">Wind power in Connecticut</span> Electricity from wind in one U.S. state

The U.S. state of Connecticut has vast wind energy resources offshore as well as onshore although Connecticut was the last state in the United States to block the construction of utility scale wind turbines. Connecticut maintains a renewable portfolio standard that requires 21% of the state's electricity to come from renewable sources by 2020.

As of July 2023, there were about 36,000 electric vehicles registered in Connecticut. About 25% of vehicles registered in the state between July and December 2021 were electric.

New England Wind, formerly called Park City Wind and Commonwealth Wind, is a proposed offshore wind farm to be located about 23 miles (37 km) off the coast of Martha's Vineyard (MA) on Outer Continental Shelf in U.S. territorial waters of the East Coast of the United States. It would provide electricity to the state of Connecticut. Avangrid is the developer.

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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.