AVANGRID Reports First Quarter 2023 Financial Results

Press Releases

04/26/2023

Received a key, positive court ruling in Maine for the New England Clean Energy Connect transmission project
Extended PNM Resources merger agreement through July 20, 2023
Received approval for NY CLCPA Phase 2 transmission investments of $2.25 billion, bringing the total transmission opportunities in NY beyond 2025 to over $3 billion
Executed 524 MW of solar PPAs
Signed MoU with Navajo Tribal Utility Authority to develop up to 1 GW of green energy projects
Progressing on settlement negotiations in New York and Maine rate cases

Orange, CT – April 25, 2023 - Today AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, and a member of the group of companies controlled by IBERDROLA, S.A., reported consolidated U.S. GAAP net income of $245 million, or $0.63 per share, compared to $445 million, or $1.15 per share, for the first quarter ended March 31, 2022. Results for the first quarter of 2023 did not include the gain from the restructuring of the Company’s New England offshore wind lease partnership agreement of $181 million that was included in the results for the first quarter of 2022.

"We continued to advance our operational and strategic objectives in the first quarter," said Pedro Azagra, chief executive officer of AVANGRID. “We are committed to operational excellence, executing on our priorities, and creating long-term value for our customers and shareholders. Over the last months, we have received a positive court ruling on our NECEC transmission project, approval of $2.25 billion in clean energy transmission investments, placed new renewables capacity in operation, extended our merger agreement with PNM Resources, and entered into a new partnership with the Navajo Tribal Utility Authority, ensuring that AVANGRID leads the transition to a clean energy future.”

On a non-U.S. GAAP adjusted basis, consolidated net income for the first quarter ended March 31, 2023 was $248 million, or $0.64 per share, compared to $450 million, or $1.16 per share, for the first quarter ended March 31, 2022.

Networks
Networks earnings for the first quarter of 2023 were $195 million, or $0.51 per share, compared to $252 million, or $0.65 per share, for the same period in 2022. Networks results for the first quarter mainly benefited from the execution of rate plans and a positive arrearages order in New York which were offset by increased depreciation expense, business expenses, uncollectibles, taxes, and finance costs.

Renewables
Renewables earnings for the first quarter 2023 were $49 million, or $0.13 per share, compared to $208 million, or $0.54 per share, for the same period in 2022. Results for the first quarter of 2022 include the gain from the restructuring of the Company’s New England offshore wind lease partnership agreement of $181 million after-tax. Renewables results for the first quarter of 2023 benefited from favorable thermal and asset management and increased production and production tax credits, which were partially offset by increased depreciation and business expenses.

Non-U.S. GAAP adjusted earnings and adjusted earnings per share exclude mark-to-market adjustments in the Renewables segment and COVID-19 impacts. For additional information, see “Use of Non-U.S. GAAP Financial Measures” and “Reconciliation of Non-U.S. GAAP Financial Measures” at the end of this release.

Earnings Webcast
AVANGRID will webcast an audio-only financial presentation in conjunction with releasing first-quarter earnings tomorrow, Wednesday, April 26, 2023, beginning at 10:00 A.M. Eastern time. The listen-only webcast will feature a presentation from members of the executive team followed by a question and answer-session. The webcast can be accessed through the Investor Relations section of AVANGRID’s website. A replay will be available for 90 days in the Investors section of the AVANGRID website.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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