Avangrid is a leading U.S. clean energy company and the American subsidiary of Iberdrola S.A., the world's largest wind energy operator. Headquartered in Orange, Connecticut, Avangrid operates two principal businesses: a regulated networks segment serving approximately 3.3 million electric and gas customers across the Northeast, and Avangrid Renewables, one of the largest renewable energy developers and operators in the United States with approximately 10 gigawatts of operating capacity.
Iberdrola formed Avangrid in 2015 by merging its existing U.S. utility holdings — primarily UIL Holdings (Connecticut) — with its stake in Iberdrola USA, which included the Upstate New York utilities it had acquired from Energy East in 2008. Avangrid was taken public on the NYSE in December 2015 with Iberdrola retaining majority control. In 2024, Iberdrola completed a tender offer to acquire the remaining public float, taking Avangrid private; the company was subsequently delisted from the NYSE.
Avangrid Networks operates eight regulated utilities across New York, Maine, Connecticut, and Massachusetts. The electric utilities include New York State Electric & Gas (NYSEG), Rochester Gas and Electric (RG&E), Central Maine Power (CMP), and United Illuminating (UI). The gas distribution companies include New York State Electric & Gas (gas operations), Southern Connecticut Gas, Connecticut Natural Gas, and Berkshire Gas. Together these utilities serve approximately 3.3 million customers and represent the stable, rate-base-driven earnings foundation of Avangrid's business. The Networks segment is investing heavily in grid modernization, storm hardening, and the infrastructure required to support electrification across its New England and Upstate New York service territories.
Avangrid Renewables is one of the top three wind energy operators in the United States by installed capacity, with approximately 10 gigawatts of operating wind, solar, and battery storage assets spread across more than 20 states. The portfolio is predominantly onshore wind, reflecting Avangrid's position as an early mover in U.S. wind development through predecessor companies. Avangrid Renewables also holds one of the largest offshore wind development pipelines in the U.S., including projects off the coasts of Massachusetts, Maine, New York, and the Pacific Northwest.
Avangrid has been among the most active offshore wind developers in the United States, leveraging Iberdrola's deep European offshore expertise to pursue projects in multiple Atlantic states. The company's most advanced U.S. project is Commonwealth Wind (1.2 GW) off Massachusetts, though that contract was terminated in 2023 due to cost escalation and supply chain pressures that made the original PPA economics unworkable. Avangrid has been renegotiating and re-contracting its offshore pipeline under updated terms.
The company is also developing Park City Wind (804 MW) off Connecticut, Kitty Hawk Wind off North Carolina, and has an active lease for New England Wind (formerly Vineyard Wind's sister project) in federal waters south of Nantucket. Avangrid's offshore ambitions are backed by Iberdrola's operational experience at Vineyard Wind and at major European offshore projects including East Anglia ONE in the UK.
Avangrid is the primary vehicle through which Iberdrola executes its U.S. strategy. Iberdrola views the United States as one of its four core geographies — alongside Spain, the UK (ScottishPower), and Brazil (Neoenergia) — and has committed to significant capital investment in Avangrid's regulated networks and renewables platform over its multi-year investment plans.
The parent-subsidiary relationship gives Avangrid access to Iberdrola's global procurement scale — particularly valuable for wind turbine supply agreements — its offshore wind construction and operations expertise, and its investment-grade balance sheet. Iberdrola's takeover of Avangrid's public float in 2024 simplified the corporate structure and removed the friction of managing minority shareholder interests for what is effectively a wholly owned strategic subsidiary.
Avangrid has reported FY2024 revenue of approximately $8.5 billion, split roughly between its Networks and Renewables segments. The Networks segment delivers stable, regulated earnings underpinned by multi-year rate cases in New York, Maine, and Connecticut. Renewables earnings have been more variable, reflecting wind resource variability, PPA contract terms, and the impact of project development costs.
The company's multi-year capital investment program — targeting over $10 billion across 2023–2025 — is heavily weighted toward grid modernization in Networks and new renewable project construction. This capex is funded through operating cash flows, project financing at the asset level, and capital support from Iberdrola.
Avangrid's regulated utilities have faced persistent regulatory and operational challenges. Central Maine Power and NYSEG have both attracted significant customer complaints regarding billing system failures following a disputed IT migration, leading to regulatory investigations and ongoing rate case complexity. Restoring regulatory relationships and customer trust in its utility operations is a strategic priority that influences its ability to earn its allowed return on equity.
The U.S. offshore wind market has experienced significant turbulence since 2022 — driven by supply chain cost escalation, rising interest rates, and the difficulty of renegotiating fixed-price PPAs signed under more favorable assumptions. Avangrid has been among the affected developers, walking away from several contracted projects rather than build at a loss. Successfully re-contracting its offshore pipeline at viable economics is essential to realizing the value of its federal lease holdings.
This profile was compiled from publicly available information including:
Avangrid Investor Relations — SEC filings, earnings releases, and annual reports.
Iberdrola corporate disclosures — Annual reports and strategic plans referencing U.S. operations.
FERC and state public utility commission filings for NYSEG, RG&E, CMP, and UI rate cases.
BOEM offshore wind lease and project development filings.
This profile is for informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security.