February 20, 2018

Avangrid records 4Q profit loss

PHOTO: Brad Kane
PHOTO: Brad Kane
James Torgerson, Avangrid CEO.

Orange-based utility Avangrid Inc. said Tuesday it recorded a fourth quarter profit loss, due in part to losses with the pending sale of its gas storage business.

For the quarter ended Dec. 31, the company reported a loss of $77 million, or 25 cents a share, compared to net income of $207 million, or 67 cents a share, in the year-ago period.

For the entire year, the utility's net income decreased to $381 million, or $1.23 a share, compared to $632 million, or $2.04 a share a year ago.

Avangrid announced the sale of its Enstor gas storage businesses, including the trading business, in late Dec. 2017. On Tuesday, it reported an after-tax "held for sale" loss of $463 million for the transaction, which is expected to close in the second quarter of 2018.

"We achieved consistent results in 2017 despite poor wind production below our forecast and the impact of an unplanned transmission outage that impacted one of our new wind farms," said James P. Torgerson, Avangrid's CEO.

Avangrid has two businesses, Avangrid Networks and Avangrid Renewables. The former combines the eight electric and natural gas utilities with a rate base of $8.7 billion serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates approximately 6.6 GW of generation capacity, primarily through nearly 60 wind farms in 22 states.

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