MA - Avangrid Withdraws Guidance due to Coronavirus, Vineyard Wind Uncertainty
The third-largest U.S. wind generator is on track for 900 megawatts of new capacity this year, but the coronavirus is a wild card.
Avangrid, the U.S. utility group and renewables developer, has withdrawn its long-term guidance for the 2018-2022 period due to disruptions from the coronavirus pandemic and permitting delays.
Avangrid, which is publicly listed but majority-owned by Spain's Iberdrola, reported a higher profit in the first quarter of 2020, driven by an improved performance from its 7.5-gigawatt onshore wind power fleet.
The Connecticut-based company reported first-quarter consolidated net income of $236 million, or $0.76 per share, compared to $219 million, or $0.71 per share, in the same quarter last year. That’s a significant uptick from