Avangrid (AGR) Arm Advances Wind Project With Town of Barnstable
AVANGRID Inc.’s AGR subsidiary, Avangrid Renewables LLC, entered into a host community agreement with the Town of Barnstable for advancing its Park City Wind project. As part of an agreement, Avangrid Renewables will pay the Town of Barnstable $16 million as a host community fee. The subsidiary will limit construction at the beach and along roadways for months outside the summer period.
Park City Wind is an 800-megawatt (MW) offshore wind project, which will provide Avangrid Renewables with enough clean energy to provide clean electricity to nearly 400,000 homes per year and cut greenhouse gas emissions by nearly 1.1 million tons annually along with taking more than 200,000 cars off the road. The project is scheduled to be completed in 2026.
In addition to the Park City Wind project, Avangrid Renewables is developing the 1200 MW Commonwealth Wind project, providing more than 2 gigawatts (GW) of clean, renewable energy for the New England market.
Investment & Clean Energy Generation
AVANGRID is the third-largest wind and solar operator in the United States with operations in 24 states, including nearly 70 such facilities. To maintain and upgrade its infrastructure and facilities, AGR plans to invest $1.9 billion through the remainder of 2022 to provide customers with a safe and reliable infrastructure to support the clean energy transition.
Over the long term, AVANGRID plans to spend $20 billion through 2025. AVANGRID is continuously taking initiatives to create a clean generation portfolio with the 90% renewable and Scope 1 carbon neutrality goal by 2035. Also, it aims to reduce Scope 1 greenhouse gas emissions by 35% within 2025 from the 2015 baseline.
Zacks Rank & Price Performance
Currently, AVANGRID carries a Zacks Rank #3 (Hold). In the past month, shares of AGR have declined 4.2%, outperforming the industry’s decline of 4.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Utilities Supporting Clean Renewable Energy
Electric utilities adopting measures to develop and transmit clean and reliable energy to their customers include Duke Energy DUK, Xcel Energy XEL and Alliant Energy LNT.
Duke Energy has taken an initiative to expand the renewable asset base and aims to reach its target of net-zero carbon emissions from electric generation by 2050. The company already lowered its carbon emissions in 2021 by more than 44% since 2005 and is now expanding its 2050 net-zero goals to include Scope 2 and certain Scope 3 emissions.
Duke Energy’s long-term (three to five years) earnings growth is currently pegged at 6.1%. The Zacks Consensus Estimate for DUK’s 2022 earnings implies year-over-year growth of 4.4%.
Xcel Energy is focusing on a clean energy transition. After completing six wind projects with 1,500 MW capacities in 2020, the company completed four wind farms, adding another 800 MW of clean energy generation capacity to its portfolio. Xcel Energy’s Colorado Resource Plan aims at an 87% carbon emission reduction.
Xcel Energy’s long-term earnings growth is currently pegged at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings implies year-over-year growth of 6.8%.
Alliant Energy is making strong progress with its clean energy initiatives and lowering carbon dioxide emissions. The company announced the voluntary goal of retiring all the existing coal-fired generation units by 2040 to lower emissions from the 2005 levels by 50% and 100% within 2030 and 2050, respectively. In total, the company will replace 1.6 GW of coal-fired generation with clean energy sources over the 2020-2025 period.
Alliant Energy’s long-term earnings growth is currently pegged at 5.7%. The Zacks Consensus Estimate for LNT’s 2022 earnings implies year-over-year growth of 4.6%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>
Click to get this free report
Xcel Energy Inc. (XEL): Free Stock Analysis Report
Duke Energy Corporation (DUK): Free Stock Analysis Report
Alliant Energy Corporation (LNT): Free Stock Analysis Report
Avangrid, Inc. (AGR): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.