Avangrid said it netted $212 million during its first full quarter as both a public company and as the parent company of New Haven’s UIL Holdings, which it bought late last year for $3 billion.
Avangrid said if it was public and owned UIL during the same quarter of last year, its profits would have been $172 million.
The adjusted increase was mainly due to the sale of the company interest in the Iroquois Gas Transmission Pipeline.
Including its recently acquired UIL subsidiaries – United Illuminating, Connecticut Natural Gas, Southern Connecticut Gas and the Berkshire Gas Co. – Avangrid has eight utility companies in the northeast, as well as a gas storage and services business in Texas and renewables business.
Avangrid, owned by Spanish energy giant Iberdrola, said it has approximately 7,000 employees.
