Avangrid's green business declines in Q1

In the first quarter of 2018, Avangrid experienced a huge setback in its renewables division.

Photo: Gamesa

Utility Avangrid, Iberdrola's US business, has suffered a setback for its renewables division, however, the company is pleased to see overall improvement in the first quarter of the year.

On the top line, sales boosted from USD 107 million to USD 1.865 billion. However, despite a boost in revenue, the operating result declined to USD 403 million against USD 427 million in the same quarter the year prior.

On the bottom line, Avangrid has improved slightly, reporting USD 244 million against USD 239 million in the same quarter last year.

According to the report, Avangrid Renewables is pulling the company down.

On the other hand, the company can celebrate the fact that the net business grew by USD 28 million to a USD 200 million profit.

"Adjusted earnings improved primarily due to the implementation of our multi-year rate plans, increased wind production mainly from the 534 MW of capacity that came on-line in 2017, and continued focus on operational excellence and best practices implementation," said James P. Torgerson, CEO of Avangrid.

According to the first quarter report, the plan to sell the gas storage business is expected to finish by the end of May.

English Edit: Lena Rutkowski

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