Networks
Networks earnings for the second quarter and first half of 2024 were $152 million, or $0.39 per share and $420 million, or $1.09 per share,
respectively. Results for the second quarter and first half of 2024 were primarily impacted by the execution of existing rate plans in New York and Maine.
Renewables
Renewables earnings for the second
quarter and first half of 2024 were $70 million, or $0.18 per share and $165 million, or $0.43 per share, respectively. Results for the second quarter and first half of 2024 were primarily impacted by strong balancing resource performance
and increased pricing, partially offset by increased depreciation expense.
Non-U.S. GAAP adjusted earnings and
adjusted earnings per share exclude mark-to-market adjustments, accelerated depreciation from repowering in the Renewables segment and merger and other transaction
costs. 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.
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About Avangrid: Avangrid, Inc. (NYSE: AGR)
aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $46 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 as one of the JUST 100 companies a ranking of Americas best corporate
citizens in 2024 for the fourth consecutive year. 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 Worlds 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.
Forward Looking Statements [conform to final 10-Q]
Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our
subsidiaries that are not purely historical and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of
forward-looking terms such as may, will, should, would, could, can, expect(s), believe(s), anticipate(s), intend(s),
plan(s), estimate(s), project(s), assume(s), guide(s), target(s), forecast(s), are (is) confident that and seek(s) or the negative of such
terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or
other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts.
Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important
factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the SEC. Specifically, forward-looking statements include, without limitation:
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any statements regarding the proposed transaction with Iberdrola including the expected timetable or ability
to complete the proposed transaction, the expected benefits of the proposed transaction, risks related to the disruption to ongoing business operations due to the proposed transaction, and litigation or administrative proceedings that may arise in
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