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Avangrid

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energy-and-environment1 year ago

"Biden Administration Greenlights Eighth Offshore Wind Project"

The Biden administration has approved the nation's eighth large offshore wind project, New England Wind, off the Massachusetts coast, which will provide more electricity than the state’s former coal-fired generating station. The project, developed by Avangrid, is expected to generate around 1,900 megawatts, powering up to 1 million homes and businesses in southern New England. This approval reflects the growing significance of renewable energy, with wind and solar projects now rivaling traditional energy sources in size and capacity. Additionally, the Interior Department has approved over 10 gigawatts of clean energy from offshore wind projects in less than three years, marking a significant milestone in the transition to cleaner energy sources.

via The Associated Press|
#avangrid#biden-administration#energy-and-environment
business-and-finance2 years ago

"Avangrid Cancels $8.3 Billion Acquisition of PNM Resources"

Iberdrola's U.S. subsidiary, Avangrid, has called off its $8.3 billion acquisition of PNM Resources due to the failure to obtain all necessary regulatory approvals by the end of 2023. The New Mexico Public Regulation Commission had previously rejected the deal, citing more risks than benefits for state ratepayers. Despite the termination of this deal, Avangrid remains committed to investing in renewable energy projects across the United States, including wind and solar developments in New Mexico and large-scale projects in New York, Maine, and the first large-scale offshore wind project, Vineyard Wind. Iberdrola continues to focus on substantial investments in the U.S., with a significant budget allocated for investments between 2023 and 2025.

via Reuters.com|
##avangrid#business-and-finance
energy2 years ago

Avangrid's Cancellation Deals a Blow to CT's Offshore Wind Project

Connecticut's largest offshore wind project, Park City Wind, is facing significant financial challenges and has terminated its power purchase agreement (PPA) with Connecticut's utilities. Avangrid, the developer, cited economic headwinds such as inflation, supply chain disruptions, and interest rate hikes as reasons for the project's unviability. The termination of the PPA will result in a rebidding of the project. The cancellation of Park City Wind, along with two other major New England offshore wind projects, highlights the economic turmoil facing the offshore wind industry. Connecticut aims to achieve 100% zero carbon energy by 2040, and offshore wind is considered crucial in meeting this goal.

via The Connecticut Mirror|
#avangrid#connecticut#energy
energy2 years ago

Maine court approves $1 billion US-Canada clean energy transmission line project.

A Maine jury has ruled that Avangrid can proceed with the construction of a $1 billion clean energy transmission line from Canada to New England. The high-voltage line, known as the New England Clean Energy Connect, would transmit up to 1,200 megawatts of electricity, enough to power approximately 1 million homes. The project would ultimately be paid for by Massachusetts ratepayers and could decrease energy prices throughout New England. The decision clears the way for construction on the 145-mile transmission line to continue, although Maine officials can still appeal.

via The Boston Globe|
#avangrid#clean-energy#energy