Press release
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.
Media Contact
For media inquiries, email: corporatecommunications@avangrid.com
About Avangrid: Avangrid, Inc. is a leading U.S. energy company investing in grid infrastructure and power generation projects to deliver reliable energy and meet growing electricity demand. With approximately $50 billion in assets and operations across 25 states, Avangrid is helping modernize the U.S. electric grid, improve system resiliency, and support economic growth for the customers and communities it serves.
Avangrid owns and operates seven electric and natural gas utilities, serving more than 3.4 million customers in New York and New England. Avangrid also has nearly 100 energy generation facilities across the United States and more than 11 gigawatts of installed capacity. Avangrid has more than 8,300 employees and was named among the World's Most Ethical Companies in 2026 for the eighth consecutive year by the Ethisphere Institute. Avangrid is a member of the Iberdrola Group.
About Iberdrola: With a market capitalization of more than €140 billion, Iberdrola is the largest electricity company in Europe and one of the two largest in the world. The Group serves more than 100 million people around the world and has a workforce of 45,400 employees and assets of €165 billion. In 2025, Iberdrola posted a record net profit of €6.3 billion. The company contributes close to €10.4 billion in taxes in the countries where it operates and supports more than 500,000 jobs throughout its supply chain, thanks to €13.2 billion in purchases from tens of thousands of suppliers.
Since 2001, Iberdrola has invested more than €175 billion in electricity networks, renewable energy and energy storage to help create an energy model based on electrification. The company has close to 1.4 million km of electricity networks in the United States (the states of New York, Connecticut, Maine and Massachusetts), the United Kingdom (Scotland, England and Wales), Brazil (the states of Bahia, Rio Grande do Norte, Pernambuco, São Paulo and Mato Grosso do Sul, as well as Brasilia) and Spain, as well as 57,000 MW of capacity worldwide, of which more than 46,000 MW is renewable.
