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Orange, CT 5,000–10,000 employees Solar · Wind · Energy storage avangrid.com
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AVANGRID
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About AVANGRID

Company Overview

Name

Avangrid, Inc., a subsidiary of Iberdrola, S.A.

Headquarters

Orange, Connecticut, USA

Founded

2015

Size

Approximately 8,000 employees (source: avangrid.com). Revenue of $8.3 billion in 2023 (source: zippia.com).

What They Do

Avangrid primarily focuses on regulated energy transmission and distribution through its Networks segment, while also engaging in renewable energy generation via its Renewables segment. This includes a diverse portfolio of wind, solar, and other clean power sources, which positions the company as a leader in the transition to sustainable energy. The Networks business operates eight electric and natural gas utilities, serving over 3.4 million customers across New York and New England, while the Renewables segment operates 80 energy generation facilities that produce 10.5 GW of power for more than 3.1 million customers nationwide (source: stockanalysis.com). Avangrid's target markets include residential, commercial, and industrial customers, emphasizing utility delivery and wholesale power sales (source: avangrid.com). The company differentiates itself through its scale, integration of regulated networks with a substantial renewables portfolio, and strong backing from Iberdrola, which enhances its operational capabilities across 23 states and a total asset base of $48 billion (source: leadiq.com).

Projects & Track Record

Avangrid's notable projects include a robust renewables portfolio comprising 80 facilities with a total capacity of 10.5 GW operational across the United States. One of the major ongoing projects is Vineyard Wind 1, an 806 MW offshore wind farm currently under construction, which is expected to deliver its first power by the end of 2023 (source: avangrid.com). Additionally, the company had 600 MW of renewable capacity under construction as of early 2023, which includes contributions from Vineyard Wind (source: avangrid.com). Avangrid's client base includes over 3.4 million utility customers in its Networks segment and 3.1 million in its Renewables segment, showcasing its extensive reach and operational impact (source: avangrid.com). The company maintains a strong geographical presence in New York and New England for its Networks operations, while its Renewables segment spans 23 states nationwide, with ongoing expansion efforts including the planned resumption of the NECEC transmission project (source: avangrid.com).

Recent Developments

In recent news, Avangrid reported a consolidated net income of $881 million for the full year of 2022, translating to $2.28 per share, with adjusted net income reaching $901 million ($2.33 per share) (source: avangrid.com). For the first half of 2023, the company reported a net income of $330 million ($0.85 per share) and issued earnings guidance for 2023 of $1.90-$2.10 per share (GAAP) and $2.20-$2.35 per share (adjusted), contingent on the mid-year closure of the proposed PNM Resources merger (source: avangrid.com). The Vineyard Wind 1 project continues to progress with 600 MW under construction and is on track for first power delivery by late 2023 (source: avangrid.com). Furthermore, Avangrid has been recognized as one of America's best corporate citizens in the JUST 100 for five consecutive years and named a World's Most Ethical Company by Ethisphere for the seventh consecutive year, highlighting its commitment to corporate responsibility and ethical practices (source: avangrid.com).

Working There

Avangrid offers a variety of roles across its operations, including executive leadership positions such as CEO Pedro Azagra Blazquez and CFO Justin B. Lagasse, as well as roles in networks and renewables, finance, legal, IT, public affairs, and human resources (source: stockanalysis.com). The company hires at key locations including its headquarters in Orange, Connecticut, and operational sites in Portland, Oregon, New York, Massachusetts, and Maine (source: avangrid.com). Avangrid's culture is underscored by its recognition as a JUST 100 company and a World's Most Ethical Company, reflecting its commitment to service and innovation over its extensive 150-year history in power delivery (source: avangrid.com). While specific employee benefits are not detailed in available disclosures, the company emphasizes industry-leading practices to support its workforce of approximately 8,000 employees (source: avangrid.com).

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