New Haven-based Avangrid Inc.’s first-quarter profits rose 13 percent, a result of implementation of new rate plans in New York and Connecticut and higher wind production, the company reported Tuesday.
For the quarter ended March 31, Avangrid posted net income of $239 million, or 77 cents a share, compared to $212 million, or 69 cents a share, for the same period in 2016.
The energy services and delivery company is a subsidiary of Iberdrola USA, which merged in 2015 with UIL Holdings Corp.
In December, Connecticut’s Public Utilities Regulatory Authority approved a United Illuminating rate increase that will total $57.4 million through 2019.
And New York State Electric and Gas Corp., a subsidiary of Avangrid, also raised rates last June that were to be phased in over two years, according to published reports.
CEO James P. Torgerson said the company’s growth strategy includes a new power-purchase agreement with a Fortune-500 Company for 201 megawatts (MW) from a new wind farm in Oregon, along with 80 MW secured through Dairyland Power Cooperative. Avangrid is also planning to bid for a renewable wind power project in Massachusetts, he said.
