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Released May 13, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Avangrid Incorporated (NYSE:AGR) (Orange, Connecticut), a subsidiary of Iberdrola S.A. (Bilbao, Spain), heard plenty of good news this week: First-quarter revenues and net income grew substantially from the same period last year, and the Biden administration approved plans for the company's closely watched wind-energy project offshore Massachusetts. Industrial Info is tracking more than $5.8 billion worth of U.S. projects from Avangrid, about half of which is attributed to solar developments.
Click on the image at right for a graph detailing Avangrid's active U.S. projects, by type.
"During [Winter Storm Uri], we met all of our delivery obligations and produced excess energy, contributing to the solution during the crisis," said Dennis Arriola, the chief executive officer of Avangrid, in a quarterly earnings-related conference call. He added: "We currently have 690 megawatts of wind and solar under construction, with 640 megawatts starting construction in 2022."
Avangrid is working with Copenhagen Infrastructure Partners (Copenhagen, Denmark) to develop the Vineyard Offshore Windfarm near Martha's Vineyard, Massachusetts, which would be the first large-scale windfarm in federal waters. The U.S. Department of the Interior authorized the two-phase project Tuesday; the first phase could be operational as soon as the second half of 2022. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can find more details in the project reports for Phase I and Phase II.
Each phase of the project is designed to generate 400 megawatts (MW). "We intend to reach financial close and begin construction in the second half of 2021, and reach full commercial operation [with the completion of the second phase] in 2024," Arriola said recently.
Secretary of the Interior Deb Haaland told reporters Tuesday the Vineyard windfarm is "a significant milestone in our efforts to build a clean and more equitable energy future, while addressing the climate emergency."
The Biden administration announced in March it would aim for 30 gigawatts (GW) of operational offshore wind energy in the U.S. by 2030. The administration said it would make up to $3 billion in loan guarantees available to developers through the U.S. Department of Energy, and vowed to accelerate the permitting process and open up more offshore area for development, among other measures. For more information, see Industrial Info's March 31, 2021, article - Biden Aims to Dramatically Boost Offshore Wind Generation in the Atlantic.
Among Avangrid's wind-energy projects already under construction is the $330 million Golden Hills Windfarm in Moro, Oregon, which is set to generate 200 MW from 125 Vestas turbines. Avangrid entered into a power purchase agreement (PPA) with Washington state energy utility Puget Sound Energy (Bellevue, Washington) in August, although various delays, including some related to the COVID-19 pandemic, pushed the projected completion date back by one year to the end of 2022. Subscribers can read more in Industrial Info's project report.
Arriola noted that Avangrid's projects under construction, or set to begin construction through the end of 2022, are "weighted for the first time toward solar." These include two projects in Oregon: The estimated $170 million Day Break Solar Plant in Antelope and the estimated $180 million Montague Solar Farm in Arlington, which are designed to generate 140 MW and 162 MW, respectively, from photovoltaic (PV) panels. The latter project is to be built near Avangrid's existing Montague Windfarm. Subscribers can find more details in the reports for the Day Break and Montague projects.
"We're already the third-largest wind and solar operator in the U.S., having grown our installed capacity by over 30% since Avangrid was formed in 2015," Arriola said in the conference call, later adding: "While renewables investments were lower in the first quarter of 2021, this reflects the timing of investments and [our] transition to more solar versus wind project installations in 2021 and 2022."
Avangrid's revenues for first-quarter 2021 totaled $1.97 billion, a 9.9% increase from first-quarter 2020. Net income stood at $334 million, a 39.2% increase from the same period last year.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Click on the image at right for a graph detailing Avangrid's active U.S. projects, by type."During [Winter Storm Uri], we met all of our delivery obligations and produced excess energy, contributing to the solution during the crisis," said Dennis Arriola, the chief executive officer of Avangrid, in a quarterly earnings-related conference call. He added: "We currently have 690 megawatts of wind and solar under construction, with 640 megawatts starting construction in 2022."
Avangrid is working with Copenhagen Infrastructure Partners (Copenhagen, Denmark) to develop the Vineyard Offshore Windfarm near Martha's Vineyard, Massachusetts, which would be the first large-scale windfarm in federal waters. The U.S. Department of the Interior authorized the two-phase project Tuesday; the first phase could be operational as soon as the second half of 2022. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can find more details in the project reports for Phase I and Phase II.
Each phase of the project is designed to generate 400 megawatts (MW). "We intend to reach financial close and begin construction in the second half of 2021, and reach full commercial operation [with the completion of the second phase] in 2024," Arriola said recently.
Secretary of the Interior Deb Haaland told reporters Tuesday the Vineyard windfarm is "a significant milestone in our efforts to build a clean and more equitable energy future, while addressing the climate emergency."
The Biden administration announced in March it would aim for 30 gigawatts (GW) of operational offshore wind energy in the U.S. by 2030. The administration said it would make up to $3 billion in loan guarantees available to developers through the U.S. Department of Energy, and vowed to accelerate the permitting process and open up more offshore area for development, among other measures. For more information, see Industrial Info's March 31, 2021, article - Biden Aims to Dramatically Boost Offshore Wind Generation in the Atlantic.
Among Avangrid's wind-energy projects already under construction is the $330 million Golden Hills Windfarm in Moro, Oregon, which is set to generate 200 MW from 125 Vestas turbines. Avangrid entered into a power purchase agreement (PPA) with Washington state energy utility Puget Sound Energy (Bellevue, Washington) in August, although various delays, including some related to the COVID-19 pandemic, pushed the projected completion date back by one year to the end of 2022. Subscribers can read more in Industrial Info's project report.
Arriola noted that Avangrid's projects under construction, or set to begin construction through the end of 2022, are "weighted for the first time toward solar." These include two projects in Oregon: The estimated $170 million Day Break Solar Plant in Antelope and the estimated $180 million Montague Solar Farm in Arlington, which are designed to generate 140 MW and 162 MW, respectively, from photovoltaic (PV) panels. The latter project is to be built near Avangrid's existing Montague Windfarm. Subscribers can find more details in the reports for the Day Break and Montague projects.
"We're already the third-largest wind and solar operator in the U.S., having grown our installed capacity by over 30% since Avangrid was formed in 2015," Arriola said in the conference call, later adding: "While renewables investments were lower in the first quarter of 2021, this reflects the timing of investments and [our] transition to more solar versus wind project installations in 2021 and 2022."
Avangrid's revenues for first-quarter 2021 totaled $1.97 billion, a 9.9% increase from first-quarter 2020. Net income stood at $334 million, a 39.2% increase from the same period last year.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
