Skip to main content

Wind Farms, Higher Rates Powering Avangrid Says CEO

Avangrid is looking to generate additional profits through new wind farms and higher rates.

Shares of Avangrid (AGR) - Get Avangrid, Inc. Report are up over 12 percent so far in 2016 and the power player is looking to generate additional profits through new wind farms and higher rates, said the company's CEO Jim Torgerson. 'We have six gigawatts of development sites where we have the land and meteorological data to build wind farms,' said Torgerson. 'Also we already have contracts for 744 megawatts of wind that will increase our output and we want to put another 600 to 700 megawatts in before 2020.' Avangrid is a diversified energy company operating eight electric and gas utilities in the Northeast. The New Haven CT-based company has operations in 25 states and serves 3.1 million customers. Avangrid was formed last year as a result of the merger between Iberdrola USA and UIL Holdings Corporation.

Scroll to Continue

TheStreet Recommends