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Researched by Industrial Info Resources (Sugar Land, Texas)--Renewable-energy developer Avangrid Incorporated (NYSE:AGR) (Orange, Connecticut), a subsidiary of Iberdrola S.A. (Bilbao, Spain), is proving that it isn't just fossil-fuel giants who are enjoying strong business in the current energy crunch. The company is putting its profits toward infrastructure improvements and generation buildout, particularly in the U.S. Northeast. Industrial Info is tracking more than $8.5 billion worth of active projects from Avangrid, nearly $1 billion of which already are under construction.
Avangrid's second-quarter net income totaled $184 million, compared with $98 million in second-quarter 2021. Avangrid expects its full-year 2022 net income to be between $850 million and $920 million; the company reported net income of $707 million for full-year 2021.
Click on the image at right for a graph detailing Avangrid's active projects, by project type.
"In renewables, we commissioned 201 megawatts (MW) in the second quarter and remain on track for an additional [estimated] 400 MW to be commissioned in 2022," said Pedro Azagra, chief executive officer of Avangrid, in a press release accompanying second-quarter results. Among the renewable-based projects set to wrap up by the end of the year are three solar plants in Oregon: the $120 million Bakeoven plant in Maupin, which will generate 60 MW and be accompanied by a $185 million battery-storage system; the $170 million Day Break plant in Antelope, which will generate 140 MW; and the $307.8 million Montague plant in Arlington, which will generate 162 MW.
Each of these Oregon projects is set to be brought online in the fourth quarter, with all but the Day Break plant starting as soon as late October. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Bakeoven solar, Bakeoven battery-storage, Day Break and Montague projects.
Avangrid already completed and commissioned the $330 million Golden Hills Windfarm in Moro, Oregon, in April. The facility generates about 201 MW from 51 turbines. Subscribers can learn more from Industrial Info's project report.
Azagra was particularly enthusiastic about Avangrid's offshore wind projects: "We are leading the offshore wind industry in the U.S. with our three contracted projects of [an estimated] 2.4-gigawatt (GW) capacity in New England, as well as our [estimated] 2.5-GW Kitty Hawk lease area in the mid-Atlantic. The development of our portfolio alone will significantly contribute to the U.S. government's goal to deploy 30 GW of offshore wind by 2030."
Avangrid's contracted projects in New England include two projects through Vineyard Wind LLC, a joint venture between Avangrid and Copenhagen Infrastructure Partners (Copenhagen, Denmark), both about 14 miles from Martha's Vineyard, offshore Massachusetts: Vineyard Wind I, which would generate 400 MW, and Park City, which would generate 804 MW. Both projects are in their early planning phases, where plenty of factors can delay or alter proposed investment. Subscribers can learn more from Industrial Info's detailed reports on the Vineyard Wind I and Park City projects.
The company also is proposing the Kitty Hawk Windfarm, about 26 miles off the coast of Kitty Hawk, North Carolina, which would generate about 800 MW. Avangrid is now seeking permits from the U.S. Bureau of Ocean Energy Management (BOEM) for the project. Subscribers can learn more from Industrial Info's project report.
Azagra said Avangrid will propose "important investments to update critical grid infrastructure, enhance reliability and resiliency, and deliver on each state's clean energy commitments" as part of the rate cases it will file this year. He pointed to Avangrid's successful execution of rate plans in New York, where the company continues to work on the AC Energy Highway project, a wide-ranging initiative to modernize the statewide energy infrastructure.
As part of the AC Energy Highway's effort to move excess power to high-demand areas, Avangrid is upgrading and constructing a series of transmission lines in southcentral New York, including:
Subscribers can click here for a full list of reports for active projects from Avangrid.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
Avangrid's second-quarter net income totaled $184 million, compared with $98 million in second-quarter 2021. Avangrid expects its full-year 2022 net income to be between $850 million and $920 million; the company reported net income of $707 million for full-year 2021.
Click on the image at right for a graph detailing Avangrid's active projects, by project type."In renewables, we commissioned 201 megawatts (MW) in the second quarter and remain on track for an additional [estimated] 400 MW to be commissioned in 2022," said Pedro Azagra, chief executive officer of Avangrid, in a press release accompanying second-quarter results. Among the renewable-based projects set to wrap up by the end of the year are three solar plants in Oregon: the $120 million Bakeoven plant in Maupin, which will generate 60 MW and be accompanied by a $185 million battery-storage system; the $170 million Day Break plant in Antelope, which will generate 140 MW; and the $307.8 million Montague plant in Arlington, which will generate 162 MW.
Each of these Oregon projects is set to be brought online in the fourth quarter, with all but the Day Break plant starting as soon as late October. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Bakeoven solar, Bakeoven battery-storage, Day Break and Montague projects.
Avangrid already completed and commissioned the $330 million Golden Hills Windfarm in Moro, Oregon, in April. The facility generates about 201 MW from 51 turbines. Subscribers can learn more from Industrial Info's project report.
Azagra was particularly enthusiastic about Avangrid's offshore wind projects: "We are leading the offshore wind industry in the U.S. with our three contracted projects of [an estimated] 2.4-gigawatt (GW) capacity in New England, as well as our [estimated] 2.5-GW Kitty Hawk lease area in the mid-Atlantic. The development of our portfolio alone will significantly contribute to the U.S. government's goal to deploy 30 GW of offshore wind by 2030."
Avangrid's contracted projects in New England include two projects through Vineyard Wind LLC, a joint venture between Avangrid and Copenhagen Infrastructure Partners (Copenhagen, Denmark), both about 14 miles from Martha's Vineyard, offshore Massachusetts: Vineyard Wind I, which would generate 400 MW, and Park City, which would generate 804 MW. Both projects are in their early planning phases, where plenty of factors can delay or alter proposed investment. Subscribers can learn more from Industrial Info's detailed reports on the Vineyard Wind I and Park City projects.
The company also is proposing the Kitty Hawk Windfarm, about 26 miles off the coast of Kitty Hawk, North Carolina, which would generate about 800 MW. Avangrid is now seeking permits from the U.S. Bureau of Ocean Energy Management (BOEM) for the project. Subscribers can learn more from Industrial Info's project report.
Azagra said Avangrid will propose "important investments to update critical grid infrastructure, enhance reliability and resiliency, and deliver on each state's clean energy commitments" as part of the rate cases it will file this year. He pointed to Avangrid's successful execution of rate plans in New York, where the company continues to work on the AC Energy Highway project, a wide-ranging initiative to modernize the statewide energy infrastructure.
As part of the AC Energy Highway's effort to move excess power to high-demand areas, Avangrid is upgrading and constructing a series of transmission lines in southcentral New York, including:
- An upgrade to a seven-mile stretch from Oakdale to Binghamton; see project report
- An upgrade to a 20.5-mile stretch from Binghamton to Bainbridge; see project report
- Construction of a 29.5-mile stretch from Bainbridge back to Binghamton; see project report
Subscribers can click here for a full list of reports for active projects from Avangrid.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
