Press Releases
07/27/2023
Avangrid Reports Second Quarter 2023 Financial Earnings
Avangrid Reports Second Quarter 2023 Financial Earnings
- Completed multi-year rate plan in Maine
- Achieved various successful outcomes for the New England Clean Energy Connect transmission project; positive legislation supporting cost recovery
- Termination of Commonwealth Wind PPAs filed with regulator by the Massachusetts EDCs
- Construction of Vineyard Wind 1 806 MW offshore wind project on track for 2024 COD: offshore installation commenced
- Filed joint rate settlement proposal in New York
- Announced plans to repower over half of installed capacity through 2032
- Extended PNM Resources merger agreement through December 31, 2023
Orange, CT – July 27, 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 $85 million, or $0.22 per share, compared to $184 million, or $0.48 per share, for the second quarter ended June 30, 2022. For the first half of 2023, consolidated net income was $330 million, or $0.85 per share, compared to $629 million, or $1.63 per share, for the first half of 2022. Results for the first half of 2023 do 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 half of 2022.
"We continued to make significant progress on many core business and strategic initiatives, while year-todate results primarily reflect the timing impacts of regulatory approvals and renewables transactions expected later in the year," said Pedro Azagra, chief executive officer of Avangrid. “For the remainder of the year, we will focus on execution in order to meet our financial targets while leveraging long-term opportunities for additional future growth.”
On a non-U.S. GAAP adjusted basis, consolidated net income for the second quarter ended June 30, 2023, was $80 million, or $0.21 per share, compared to $178 million, or $0.46 per share, for the second quarter ended June 30, 2022. For the first half of 2023, non-U.S. GAAP adjusted net income was $328 million, or $0.85 per share, compared to $628 million, or $1.62 per share, for the first half of 2022.
Networks
Networks earnings for the second quarter and first half of 2023 were $76 million, or $0.20 per share and $271 million, or $0.70 per share, respectively. Networks results for the second quarter and first half of 2023 were impacted by the execution of rate plans, increased uncollectibles, depreciation and operations and maintenance expenses.
Renewables
Renewables earnings for the second quarter and first half of 2023 were $69 million, or $0.18 per share and $118 million, or $0.30 per share, respectively. Renewables results for the second quarter of 2023 were impacted by lower wind generation output and a decrease in merchant prices, as well as a scheduled maintenance outage for a thermal plant. Results for the first half of 2023 were impacted by thermal and asset management results and did not include the gain on offshore wind restructuring mentioned above. Non-U.S. GAAP adjusted earnings and adjusted earnings per share exclude mark-to-market adjustments in theRenewables segment, merger costs, 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 second quarter earnings, Thursday, July 27, 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.
