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Avangrid Inc AGR

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Morningstar’s Analysis

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Economic Moat




Avangrid Wisely Looks Externally for Next CEO

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $45 per share fair value estimate and stable, narrow moat ratings after Avangrid announced that Sempra Energy executive Dennis Arriola would be named the company's next chief executive officer, effective July 20, 2020.

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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. Networks is the combination of Iberdrola's U.S. regulated units and UIL Holdings. Renewables focuses primarily on developing onshore wind power, with developments in solar and offshore wind developments as well. It operates more than 7 gigawatts of renewable energy across the U.S. Spanish utility Iberdrola spun off Avangrid's predecessor, Iberdrola USA, in 2015. Iberdrola remains an 81.5% ownership stake in Avangrid.

180 Marsh Hill Road
Orange, CT, 06477
T +1 207 629-1200
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 6,600