Power and gas utility Avangrid Inc., controlled by Iberdrola SA, said its consolidated net income stood at $351 million for the first quarter of 2024, up from the $245 million reported for the first quarter of 2023.
“The first quarter financial results were in line with our plan”, Pedro Azagra, chief executive officer of Avangrid, said in a statement. “We continue to successfully execute on our multi-year rate plans in both New York and Maine. During the first quarter, we powered up the first-in-the-nation Vineyard Wind 1 project and most recently answered the New England region’s call by submitting multiple proposals offering shovel-ready New England Wind offshore projects into the tri-state solicitation”.
On a non-U.S. GAAP adjusted basis, consolidated net income for the first quarter of 2024 was $341 million, the company said, compared to $248 million for the first quarter ended March 31, 2023.
Avangrid said that networks earnings hit $268 million for the first quarter, compared to $195 million for the same period a year prior. The figures have been positively impacted by the execution of existing rate plans, the company said.
In the renewables division, earnings for the first quarter of 2024 were $95 million, compared to $49 million for the same period in 2023. Renewables results for the first quarter of 2024 were primarily impacted by a strong balancing resource performance and increased pricing, partially offset by lower production, Avangrid said.
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