AVANGRID, Inc. will join NYSE tomorrow with $30 billion of assets in wind energy, utilities, and natural gas storage
Iberdrola USA and UIL Holdings Merger Creates a Diversified, Publicly
Traded Energy and Utility Company
Combining the resources and expertise of eight electric and natural
gas utilities with a rate base of approximately $8.3 billion serving
3.1 million customers in New York and New England.
AVANGRID’s renewable energy subsidiary is the second largest wind
energy producer in the U.S. with 5.6 gigawatts of wind generation
capacity sited in 53 wind farms in 18 states. Approximately 69% of the
capacity is contracted for an average term of nine years.
Natural gas storage and hub service facilities include more than 120
Bcf of owned or contracted storage capacity with superior access to
major pipelines, rapid injection and withdrawal capacity, and a range
of service contract options.
U.S. businesses align with Iberdrola Group’s worldwide focus on clean
energy, energy efficiency, and sustainable development. The companies
also share the Group’s commitment to ethics, transparency, and the
best corporate governance practices.
Committed to being a leader in the transformation to a clean energy
future in the U.S. by providing sustainable, innovative energy
solutions that benefit consumers, communities, shareholders, and the
Iberdrola USA and UIL Holdings Corporation announced the closing of the
merger between their companies effective today. The merger creates a
diversified energy and utility company with $30 billion in assets and
operations in 25 states. The company will operate under the name
AVANGRID, Inc., and it will trade on the New York Stock Exchange under
the symbol AGR.
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Iberdrola’s Chairman, Ignacio Galán stated, “Today, AVANGRID, a new
American energy giant, has been born. As we have done since our arrival
in the United States in 2006, we will continue investing in clean energy
across the country, and bring new value to our utility customers through
improving infrastructure, new technology, and innovative services.”
Upon the closing, James P. Torgerson, President and Chief Executive
Officer of UIL Holdings, became CEO of AVANGRID. He will also serve on
the AVANGRID Board of Directors. Mr. Torgerson will head a leadership
team from among the former UIL and Iberdrola USA executives. The company
will maintain a close affiliation with the majority shareholder and
former parent company, Iberdrola, S.A.
“We will be a leader in the transformation of the U.S. energy industry,”
said James Torgerson, CEO of AVANGRID. “This friendly integration of
Iberdrola USA and UIL Holdings will offer a more sustainable future to
our customers, shareholders and communities.”
AVANGRID has a coast-to-coast presence with a workforce of approximately
7,000 employees in three subsidiary companies. Effective with the
merger, Iberdrola USA Networks, Inc. owns and operates eight natural gas
and electric utilities in the Northeast; Iberdrola Energy Holdings, Inc.
is a natural gas storage and energy services company based in Houston,
Texas; and Iberdrola Renewables, LLC operates 6.3 gigawatts of
generation capacity, including 5.6 gigawatts of wind power at 53
windfarms in 18 states, making it the second largest wind energy
producer in the U.S.
The AVANGRID utilities will continue to have offices in Connecticut,
Massachusetts, Maine, and New York and will benefit from an expanded
organization with greater resources, strategic alignment and business
proximity. Iberdrola Energy Holdings and Iberdrola Renewables are based
in Texas and Oregon respectively.
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business, results of operations or financial condition. Such statements
are based upon the current beliefs and expectations of our management
and are subject to significant risks and uncertainties that could cause
actual outcomes and results to differ materially. Important factors that
could cause actual results to differ materially from those indicated by
such forward-looking statements include, without limitation, the risks
and uncertainties set forth under the section entitled “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the proxy statement/prospectus included in the
Registration Statement on Form S-4, as amended, which is on file with
the SEC and available on our investor relations website at [www.avangrid.com]
and on the SEC website at www.sec.gov.
Additional information will also be set forth in filings with the SEC.
You should not place undue reliance on these forward-looking statements.
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forward-looking statements to reflect events or circumstances after the
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AVANGRID, Inc. (NYSE:AGR) is a diversified energy and utility company
with $30 billion in assets and operations in 25 states, The company
operates regulated utilities, electricity generation, and natural gas
storage through three primary lines of business. Iberdrola USA Networks
includes eight electric and natural gas utilities serving 3.1 million
customers in New York and New England. Iberdrola Renewables operates 6.3
gigawatts of electricity capacity, primarily through wind power, in
states across the U.S. Iberdrola Energy Holdings operates 120 Bcf of
owned or contracted natural gas storage and hub service facilities in
the South and West. AVANGRID employs 7,000 people. The company was
formed as a business combination between Iberdrola USA and UIL Holdings
in 2015. AVANGRID remains an affiliate of the Iberdrola Group, a
worldwide leader in the energy industry.
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