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AGR News
AGR Events
Avangrid reports Q3 adjusted EPS 55c, consensus 33c
Reports Q3 revenue $2.08B vs $1.97B last year. "Our financial performance for the first nine months of the year was in-line with our expectations," said Pedro Azagra, Chief Executive Officer of Avangrid. "We are successfully executing on our multi-year rate plans in New York and Maine and continue to construct onshore wind and solar clean energy projects. Most recently, our New England Wind 1 offshore wind project was awarded 791 MW by the Commonwealth of Massachusetts in the multi-state regional offshore wind solicitation and we were awarded a $425M Federal capacity contract in connection with our upcoming transmission RFP bid in Maine, one of the largest Federal investments in energy development in Maine's history. We intend to participate in the transmission RFP process and will include this award as part of our proposal."
Avangrid subsidiary awarded $31.8M in federal funding
Avangrid announced that Central Maine Power, or CMP, has been awarded $31.8 million in federal funding to deploy technologies to create a more modern and dynamic power grid to support the deployment of renewable energy in Maine. This grant was awarded through the U.S. Department of Energy's Grid Resilience and Innovation Partnerships program and is funded by the Bipartisan Infrastructure Law. These initiatives are being driven at the state-level in Maine by the Flexible Interconnections and Resilience for Maine project, led by the Governor's Energy Office, part of the administration of Governor Janet Mills. Specifically, this funding will be used to deploy Active Network Management and Dynamic Line Rating (DLR). Together, these smart grid technologies will help connect more renewable energy to the power grid while also protecting it from overloading.
Avangrid awarded $425M federal capacity contract for Maine transmission project
Avangrid announced that the U.S. Department of Energy selected Avangrid for a $425 M capacity contract for its Aroostook Renewable Project. The award is part of the DOE's Transmission Facilitation Program. The announcement by DOE comes as the Maine Public Utilities Commission prepares to issue a transmission line Request for Proposals to connect 1,200 MW of renewable energy to the New England power grid in Maine. The generation portion is being solicited by the MPUC separately. Avangrid intends to participate in the transmission line RFP process and will include the awarded $425M capacity contract as part of the company's proposal. This $425M award represents one of the largest federal investments in energy development in Maine's history. Avangrid also plans to invest more than $15M for Disadvantaged Communities in Maine. The Maine PUC will likely announce winning bids in 2025.
Avangrid shareholders vote to adopt Iberdrola merger agreement
Avangrid announced that its shareholders voted to adopt the agreement and plan of merger, whereby Iberdrola will acquire the remaining 18.4% of the issued and outstanding stock of Avangrid that it does not currently own. According to the preliminary results announced at Avangrid's annual meeting of shareholders, a majority of Avangrid's shareholders voted in favor of the merger agreement. In addition to approving the merger agreement, at the annual meeting, the Avangrid shareholders voted to elect each of the 14 nominees to the board of directors to serve one-year terms expiring at Avangrid's 2025 annual meeting. Additionally, the Avangrid shareholders voted to ratify the appointment of Avangrid's independent public accounting firm and approve on an advisory basis the compensation of Avangrid's named executive officers. On September 17, the Maine Public Utilities Commission voted to approve the merger transaction subject to a final written order. This follows the approval by the Federal Energy Regulatory Commission and the recent favorable recommendation regarding the merger from two leading independent proxy firms. The merger is now subject to the satisfaction and approval of the New York Public Service Commission and once obtained, the transaction is expected to close during the fourth quarter of 2024. Upon closing the transaction, Avangrid's common stock will no longer be listed on the NYSE and Avangrid will operate as a privately-held company.
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