- Secured a new power purchase agreement (PPA) – La Joya ll, 140 mega-watt (MW) wind farm.
- Purchased Patriot Wind 226 MW wind farm at commercial operation date (COD).
- Launched Forward 2020+ Mid Period Assessment to deliver operational efficiencies and long-term sustainable growth.
- Filed NY rate cases in May; includes requests for resiliency & recovery of staging costs.
- Revising 2019 earnings guidance to lower the top end of the range
ORANGE, Conn.–Today AVANGRID, Inc. (NYSE: AGR) reported consolidated U.S. GAAP net income of $110 million, or $0.36 per share, for the second quarter ended June 30, 2019, compared to $107 million, or $0.35 per share, for the same period in 2018. For the first six months of 2019, consolidated net income was $327 million, or $1.06 per share, compared to $351 million, or $1.13 per share, for the first six months of 2018.
Excluding the Gas Storage and Trading businesses and certain losses related to their sale, mark-to-market adjustments in the Renewables segment, accelerated depreciation derived from repowering of wind farms, loss from held for sale measurement, the impact of the Tax Act, restructuring charges and income from release of collateral, non-U.S. GAAP consolidated adjusted net income was $101 million, or $0.33 per share, for the quarter ended June 30, 2019, compared to $128 million, or $0.41 per share, for the same period in 2018. For the first six months of 2019, non-U.S. GAAP consolidated adjusted net income was $319 million, or $1.03 per share, compared to $371 million, or $1.20 per share, for the first six months of 2018.
“We are disappointed with the continued lack of wind resources that impacted much of the U.S.,” commented James P. Torgerson, chief executive officer of AVANGRID. “Earnings for the quarter and first half of 2019 were below our expectations due to the lower wind, and higher non-deferrable minor storms and staging costs. We are implementing our Forward 2020+ Mid Period initiatives to help mitigate the impact of these items.”
“We continue to successfully execute on our strategic plan,” added Torgerson. “During the second quarter, we entered into a new PPA for 140 MW, and to date we have secured greater than 100% of the wind and solar long-term plan target we presented early this year. We acquired the Patriot Wind 226 MW wind farm at COD, and we expect another 763 MW of new projects to come online by the end of the year.”
Source: Avangrid, Inc.
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