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    IBE   ES0144580Y14

IBERDROLA, S.A.

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Iberdrola S A : plans to invest 6,000 million dollars in the State of New York (USA) over the next 3 years

06/02/2022 | 05:12pm EDT

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02/06/2022

Ignacio Galán has chaired the Board of Directors of Iberdrola USA (Avangrid)

Iberdrola plans to invest 6,000 million dollars in the State of New York (USA) over the next 3 years

Ignacio Galán today chaired the Board of Directors of Iberdrola USA (Avangrid) in Boston (USA), where, among other matters, the investment plan presented by the company's distributors in New York to the state regulator was analysed.

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 decarbonisation goals.

According to the plan, investments could reach close to $6 billion over the next three years, a two-fold increase over the average investments in New York in recent years, which will boost the state's economic development.

With this proposal, NYSEG and RGE customers will continue to maintain one of the lowest rates in the state while moving towards a cleaner future.

In addition, later this year, Iberdrola USA (Avangrid) will negotiate tariff frameworks for its distributors in the states of 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 USD 12 billion, which it expects to increase to USD 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 USD 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.

Today, the company operates 70 onshore wind farms and solar photovoltaic plants, making it the third largest renewable company in the country, with more than 8,000 MW in operation and close to 1,000 MW under construction.

Iberdrola USA (Avangrid) is also a pioneer in the development of offshore wind in the USA, with the recent start of construction of the country's first large-scale offshore wind project, Vineyard Wind 1, and has a portfolio of close to 5,000 MW in this technology thanks to the Park City Wind project in Connecticut, Commonwealth Wind in Massachusetts and Kitty Hawk in North Carolina.

Disclaimer

Iberdrola SA published this content on 02 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2022 21:11:05 UTC.


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Sales 2022 45 794 M 46 801 M 46 801 M
Net income 2022 4 253 M 4 347 M 4 347 M
Net Debt 2022 43 760 M 44 722 M 44 722 M
P/E ratio 2022 16,0x
Yield 2022 4,37%
Capitalization 66 316 M 67 773 M 67 773 M
EV / Sales 2022 2,40x
EV / Sales 2023 2,50x
Nbr of Employees 39 737
Free-Float 98,3%
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Last Close Price 10,63 €
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José Ignacio Sánchez Galán Chairman, President & Chief Executive Officer
José Sáinz Armada Director-Finance, Control & Corporate Development
Fernando Lucero Batalla Head-Information Technology & Finance
Maria Dolores Herrera Pereda Compliance Director
Juan Carlos Rebollo Liceaga Group Director-Administration & Control
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