Avangrid
| Company type | Public |
|---|---|
| Industry | Energy |
| Predecessor | Energy East, Iberdrola USA, UIL Holdings Corporation |
| Founded | December 2015 |
| Headquarters | United States |
Area served | New England, Pennsylvania, New York |
| Products | Energy services and delivery |
| Owner | Iberdrola S.A. (100% as of 2024) |
Avangrid, Inc.—previously known as Energy East and later Iberdrola USA—operates as an energy service and delivery provider, catering to approximately 3.1 million customers throughout New England, Pennsylvania, and New York within the United States.
History
In 2008, Iberdrola S.A. completed the acquisition of Energy East, subsequently rebranding it as Iberdrola USA. Two years later, in November 2010, Iberdrola USA divested its gas distribution operations in Connecticut and Massachusetts—including Southern Connecticut Gas, Connecticut Natural Gas, and Berkshire Gas—to UIL Holdings Corporation.
By 2012, Iberdrola USA had sold off its energy services divisions, Energetix and NYSEG Solutions, transferring ownership to Direct Energy. In February 2015, a merger between Iberdrola USA and UIL Holdings Corporation was announced and finalized by December of the same year, giving rise to the newly named entity Avangrid.
Avangrid made a strategic move in March 2017 by winning an offshore wind lease near North Carolina through a $9 million bid. The company actively promotes electric vehicle usage, demonstrated by a $2 million contribution to Connecticut’s Hydrogen and Electric Automobile Purchase Rebate program in 2017, alongside deploying EV charging infrastructure at its sites. Additionally, in 2018, Avangrid organized an electric vehicle fair aimed at encouraging employees to consider EV ownership.
In 2021, Avangrid’s subsidiary Central Maine Power incurred a $360,000 penalty due to non-compliance with electrical transmission testing protocols designed to ensure grid reliability.
In July 2024, Avangrid divested the Kitty Hawk North offshore wind lease to Dominion Energy’s Virginia Electric and Power Company for $160 million.
Also during 2024, Iberdrola agreed to purchase the remaining 18.4% stake of Avangrid it did not previously control for $2.55 billion, thereby achieving full ownership consolidation.
Subsidiaries
- Avangrid Renewables
- Berkshire Gas Company (BGC)
- Central Maine Power (CMP)
- Connecticut Natural Gas (CNG)
- New York State Electric & Gas (NYSEG)
- Rochester Gas and Electric (RG&E)
- Maine Natural Gas (MNG)
- Southern Connecticut Gas (SCG)
- The United Illuminating Company (UI)