1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
We are reaffirming our $47 fair value estimate and stable, narrow moat rating after Avangrid received the Bureau of Ocean Energy Management's notice of record for its 800-megawatt joint venture Vineyard Wind offshore wind project.
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 7.6 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.
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