Iberdrola Plans $6 Billion Investment in New York Energy Market

Iberdrola USA (Avangrid) has released its investment plan for New York’s energy market. The plan estimates that investments could reach $6 billion in the next three years. This framework will accelerate the investments needed to continue to improve service and drive a grid that is more resilient to extreme weather events, and smarter to integrate the clean energy needed to meet New York’s decarbonization goals.

This proposal will ensure that RGE and NYSEG customers will continue to enjoy one of the lowest rates within the state. Iberdrola USA (Avangrid), will negotiate tariff frameworks later this year for its distributors in Maine and Connecticut. 

The plan’s investments will also be used to expand its network business. It has assets of about $12 billion and expects to increase these assets to $ 20 billion by 2025.

This proposal is in addition to Iberdrola USA’s (Avangrid) growth plans in the country.  Iberdrola, which has been operating in the United States for over 15 years, has assets that exceed 40 billion in 24 US states today, serving more than 7,000,000 people.

Ibrerdrola USA (Avangrid), is listed on New York Stock Exchange. It has a capitalisation in excess of 18,400 million dollars. This would make it one the 14 largest companies on Ibex.

The company currently has 70 onshore wind farms and photovoltaic plant with over 8,000 MW in operation. Close to 1,000 MW are under construction. Iberdrola USA, Avangrid, recently began the construction of the large-scale Vineyard Wind 1 off-shore wind project. It boasts a portfolio of nearly 5,000 MW, including the Park City Wind project in Connecticut and Commonwealth Wind in Massachusetts.