Wed, Jul 24, 8:09 PM (45 days ago)
Avangrid, Inc.'s Q2 2024 financial performance showed a substantial increase in revenue and net income compared to Q2 2023. Operating revenues rose by $336 million to $1,923 million, primarily driven by rate increases in New York and favorable thermal and power trading in Renewables. Net income attributable to Avangrid increased by $84 million to $169 million, largely due to these factors. Adjusted net income, a non-GAAP measure, increased by $108 million to $189 million, reflecting improvements in Networks and Renewables, and favorable tax impacts. Networks saw a $76 million increase due to rate hikes, while Renewables benefited from higher average prices driven by weather conditions. Corporate also saw a $9 million increase from favorable tax adjustments, partially offset by higher interest expenses. Significant regulatory updates include the approval of the NECEC transmission project and the ongoing PURA investigation into Tropical Storm Isaias. Avangrid also announced a merger agreement with Iberdrola, S.A., subject to regulatory approvals and shareholder consent. The effective tax rate for Q2 2024 was 9.2%, influenced by production tax credits and other factors.