Regulatory stability and various administrations’ commitment to decarbonization have contributed to this iberdrolaEurope’s main electricity company and one of the world’s 4 largest companies by market capitalization reinforces its commitment to the United States, with plans to raise more than $21,500 million over a three-year period to 2023. Which is the main destination of investment of the group. -2025.
The group’s US subsidiary AVANGRID has over 7,500 employees and the company creates a total of 70,000 jobs in the country through its investments and purchases.
The combination of grid businesses and renewable energy generation is one of the company’s key differentiators, positioning it to fully capitalize on all the benefits derived from the energy transition. Over the past three years (2020-2022), the company headed by Ignacio Galán has invested $9,000 million in the United States, and this is set to exceed $3,000 million in 2021 alone.
The company is investing in modernization and digitization of its electricity transmission and distribution network activities, to enhance quality of service and withstand extreme weather events, and to enable the integration of more clean energy into the system. In addition, it is the country’s third largest renewable energy company by installed capacity and leads the development of offshore wind power, a fundamental vector of the energy transition, with a project portfolio of over 6,000 MW. Iberdrola’s installed renewable capacity in the United States is expected to reach nearly 10,000 MW by 2025, an increase of 70% over the decade.
Currently, it has two of the most relevant energy initiatives underway in the country in the area of renewable energy and the grid: the construction of the Vineyard Wind 1 offshore wind farm with a capacity of 806 MW in Massachusetts waters, and the acquisition of PNM Resources, New Mexico and in Texas.
By early 2022, through its North American subsidiary AVANGRID, Iberdrola has been awarded more than 2,000 MW of offshore wind capacity on the East Coast: Park City Wind (804 MW) and Commonwealth Wind (1,232 MW) offshore wind farms, having permits issued by the Bureau of Ocean Energy Management (BOEM).
Total investment in these three projects could exceed $10,000 million in the current decade, and will generate clean energy for more than 1.5 million homes.
AVANGRID is also responsible for the Kitty Hawk (3,500 MW) project in North Carolina waters, the first phase of which, Kitty Hawk North (800 MW), has begun the process of obtaining BOEM permits.
In line with the US administration’s commitment to green hydrogen, in October 2022, Iberdrola and US company Sempra Infrastructure announced an agreement for the joint development of large-scale green hydrogen and ammonia projects aimed at meeting decarbonization needs . North American Industry.
Energy Leader in the United States
In less than two decades, Iberdrola has grown into one of the largest conglomerates in the North American electricity sector, listed on the New York Stock Exchange since 2015.
Headquartered in Orange, Connecticut, and with approximately $40 billion in assets, the firm has a presence in 24 states and manages more than 9,450 MW of installed capacity, of which more than 8,600 MW are from renewables (primarily wind and solar photovoltaics). Is. , and more than 130,000 kilometers of power lines through eight distributors in New York, Connecticut, Maine and Massachusetts. The company serves a population of 10 million people in the United States.
On September 13, 2022, Iberdrola and AVANGRID were invited to the White House to approve the program. anti-inflation lawLandmark legislation to support renewable energy and the fight against climate change in the United States.
Iberdrola has a portfolio of more than 25,000 MW of high-quality renewable projects in the United States, which represents a stable platform for continued growth in the years ahead as the country meets its decarbonization goals.
Avangrid continues to make significant strides in the Environment, Social and Governance (ESG) sector. In January this year, once again for the third year in a row, Just Capital was recognized for the first time for its commitment to the environment and the communities it serves. utility rankings, and the Ethisphere Institute named it among the world’s most ethical companies for the fourth year in a row.
Thanks to the company’s commitment to renewable energy, AVANGRID’s CO₂ emission intensity is 6.5 times lower than the average utilities from the United States.