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EX - 99.1 2 exhibit991-2q21earningsrel.htm EX - 99.1 image_0a.jpg For Immediate Release Contacts : Analysts : Patricia Cosgel , Patricia . Cosgel@Avangrid.com , 203-499-2624 Media : Zsoka McDonald , Zsoka . McDonald@Avangrid.com , 203-997-6892 AVANGRID REPORTS STRONG SECOND QUARTER RESULTS AND RAISES 2021 FULL YEAR GUIDANCE 2Q '21 Net Income & Adjusted Net Income increased + 11 % & + 25 % , respectively Raising 2021 Net Income and Adjusted Net Income ; second increase since initiated in February 2021 Exhibit 99.1 Successfully issued $ 4B of equity , removing equity market risk for financing PNM Resources merger ; transaction expected to close in 2H '21 • On track with Networks Road to Authorized ROE program Executed new 210 MWdc solar PPA and a 254 MW PPA on existing wind project , reducing uncontracted market price exposure Advancing all offshore wind projects Orange , CT July 20 , 2021 - Today AVANGRID , Inc. ( NYSE : AGR ) , a leading sustainable energy company , reported consolidated U.S. GAAP net income of $ 98 million , or $ 0.28 per share , for the second quarter ended June 30 , 2021 , compared to $ 88 million , or $ 0.28 per share , for the second quarter 2020. For the first half of 2021 , consolidated net income was $ 432 million , or $ 1.31 per share , compared to $ 328 million , or $ 1.06 per share , for the first half of 2020 . On a non - U.S . GAAP adjusted basis , consolidated net income for the second quarter was $ 122 million , or $ 0.35 per share , compared to $ 98 million , or $ 0.32 per share , for the second quarter 2020. For the first half of 2021 , non - U.S . GAAP adjusted net income was $ 476 million , or $ 1.45 per share , compared to $ 334 million , or $ 1.08 per share , for the first half of 2020 . U.S. GAAP and non - U.S . GAAP earnings per share comparisons for the second quarter and the first half of 2021 reflect an increase in shares from the May 2021 issuance of approximately 78 million shares . Weighted average shares outstanding for the second quarter and the first half of 2021 were 347.1 million and 328.4 million shares respectively , compared to 309.5 million shares in both periods in 2020 . " We had another successful quarter to close out a very strong first half of 2021 , " said Dennis V. Arriola , chief executive officer of AVANGRID . " The positive momentum from the beginning of the year continued in the second quarter with our exceptional results demonstrating sustainable progress in building our culture of high performance and accountability . I appreciate the dedication of our team at AVANGRID for their commitment to safely and reliably serve our customers while delivering superior operating and financial results and furthering our ESG + F leadership . " " Our Networks per ormance reflects the significant positive impact of successful implementation of rate plans in New York as well as operational improvements that help us provide excellent service to our customers as we execute on our Road to Authorized ROE goal , " added Arriola . " In Renewables , we benefited from our improved fleet availability and made significant progress on our investment plans , signing a new solar PPA for 210 MWdc , executing contracts to reduce uncontracted market price exposure , and reaching key milestones in the development of our offshore wind projects . We capitalized on a strong equity market and reduced financing risk related to our upcoming PNM Resources merger by closing early on our planned 2021 share issuance . " 1