Avangrid, Inc. (NYSE:AGR) Q4 2022 Earnings Call Transcript

Pedro Azagra: 2022 was a highly successful year for Avangrid, thanks to our increased focus on execution and risk management, which enabled us to meet or exceed our financial commitments and positions us for continued success in 2023. We believe the moment is right for a unique reinvestment opportunity like Avangrid. In the year ahead, we look to leverage the solid foundation provided by our largely regulated business mix to drive secure, stable, and profitable growth across Avangrid. As we look to deliver on our commitments in 2023, we will prioritize completing our PNM Resources merger as far as depends on us, closing our rate cases to balance cash flow earnings and customer affordability, and resolving NECEC legal matters.

Our disciplined investment strategy will ensure optimal use of our capital with a sharp eye on balance sheet strength, solid credit agencies, and liquidity. Asset rotation, which includes that we announced up to $2 billion, at least, in sales opportunities throughout 2025 and partnerships are a key element of that strategy. Our investment plans are well-aligned with the state and federal clean energy policies. We are driving faster decapitalization across our own operations and enabling a broader energy transition through first in the nation offshore wind, expand of onshore renewables and by developing clean energy transmission and grid infrastructure. In each of these activities, we benefit from the expertise, scale and strong financial backing of our Iberdrola Group that we are part of.

If we leverage this strength, well and capitalize upon the upsides of our plan, I am confident that we will continue to deliver on our commitments and extend our trend of solid execution. Thank you again for joining us today for our fourth quarter call. If you have any other questions, please follow-up with Alvaro, Patricia, myself and the rest of the IR team. Thank you very much and have a great day.

Operator: Thank you. Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines.