Iberdrola Plans $6 Billion Investment in New York Energy Market

Iberdrola USA (Avangrid) has released its investment plan for New York’s energy market. According to the plan, investments could reach close to $6 billion over the next three years. This framework will accelerate the investments needed to continue to improve service and drive a grid that is more resilient to extreme weather events, and smarter to integrate the clean energy needed to meet New York’s decarbonization goals.

With this proposal, NYSEG and RGE customers will continue to maintain one of the lowest rates in the state. Later this year, Iberdrola USA (Avangrid) will negotiate tariff frameworks for its distributors in Maine, Connecticut and Massachusetts. 

The investments in this plan will also contribute to the growth of its network business, where it already has assets of approximately $12 billion, which it expects to increase to $ 20 billion by 2025, including organic and inorganic growth.

This proposal is in addition to Iberdrola USA’s (Avangrid) growth plans in the country.  Iberdrola has been present in the United States for 15 years, and has assets that today exceed 40 billion in 24 states, serving a population of more than 7 million people.

Ibrerdrola USA (Avangrid) is listed on the New York Stock Exchange, with a capitalisation of 18,400 million dollars, which would make it one of the 14 largest companies on the Ibex.

The company currently operates 70 onshore wind farms and solar photovoltaic plants with more than 8,000 MW in operation and close to 1,000 MW under construction. Iberdrola USA (Avangrid) also recently started the construction of the large-scale Vineyard Wind 1 offshore wind project. It has a portfolio of close to 5,000 MW with the Park City Wind project in Connecticut, Commonwealth Wind in Massachusetts and Kitty Hawk in North Carolina.

Original Source: https://solarindustrymag.com/iberdrola-plans-6-billion-investment-in-new-york-energy-market