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Avangrid Inc AGR

Rating as of

Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Avangrid Offshore Wind Ambitions Grow With Massachusetts RFP Submission

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $50 per-share fair value estimate and stable, narrow moat ratings for Avangrid after its Vineyard Wind joint venture with Copenhagen Infrastructure Partners submitted two proposals in response to Massachusetts' request for proposals for offshore wind.  

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Company Profile

Business Description

Avangrid operates two business units, Networks and Renewables. Networks operates eight regulated electric and natural gas utilities across New York, Maine, Connecticut, and Massachusetts, serving over 3 million customers. It is the combination of Iberdrola's U.S. regulated units and UIL Holdings. Renewables has historically focused on developing onshore wind projects but is looking to make significant developments in solar and offshore wind over the next five years. It operates more than 7.9 gigawatts of renewable energy across the U.S. Spanish utility Iberdrola spun off Avangrid's predecessor, Iberdrola USA, in 2015. Iberdrola owns 81.5% of Avangrid.

Contact
180 Marsh Hill Road
Orange, CT, 06477
T +1 207 629-1200
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 7,000