Iberdrola chair reviews AVANGRID’s first year

Iberdrola Chair Ignacio Galán highlighted the achievements of AVANGRID in its first year of operation in
a recent speech to shareholders in Bilbao, Spain.

AVANGRID was formed in December 2015 following the merger of Iberdrola USA and UIL Holdings Corporation. Bilbao-based Iberdrola is the majority shareowner.

“Slightly over a year ago, the birth of AVANGRID was realized in America,” Galán said. “Now, AVANGRID is increasingly recognized for a track record of success, both in its Renewables and Networks businesses, and respected for its leadership in the U.S. energy industry.”

In 2016, Avangrid Renewables won the right to develop its first offshore wind farm off the coast of North Carolina. AVANGRID completed 208 megawatts (MW) of new wind generation in 2016 with another 536 MW expected to be operational by the end of 2017. AVANGRID invested $1.9 billion in its U.S. Renewables and Networks utility businesses, which was a 64 percent increase over 2015.

AVANGRID reported net income of $630 million, or $2.04 a share, in 2016.

Following the completion of the second phase of integration after the merger of Iberdrola USA and UIL Holdings, AVANGRID CEO James Torgerson recently announced “Forward 2020,” an initiative that aims to make AVANGRID best-in-class in its industry by the year 2020.

“We delivered strong financial results in our first year in business, executing on our growth strategy and making investments that will result in cleaner, smarter, safer and more reliable energy systems for our customers,” Torgerson said. “I am very confident in our long-term outlook, and we are working aggressively to make AVANGRID a U.S. sustainable energy leader, recognized for top-tier performance in its industry.”