New Haven energy utility Avangrid saw profits rise 17.6 percent in its second quarter, the result of better rates on power-supply contracts and more sales of electricity generated from wind.
In the quarter ended June 30, Avangrid boosted its profits to $120 million, or 39 cents a diluted share, up from $102 million, or 33 cents a diluted share, in the year-ago period.
Second-quarter revenues totaled $1.3 billion vs. $1.4 billion a year earlier.
CEO James P. Torgerson said the utility has secured 401 megawatts (MW) of power purchase agreements for new wind farms.
Avangrid also has replaced 589 MW of existing and future merchant capacity with fixed price contracts, and secured new ones through 2017, he said.
In May, Avangrid Renewables also formed a strategic partnership with Copenhagen Infrastructure Partners to jointly develop a large-scale wind project off the coast of Massachusetts, acquiring a 50 percent ownership interest in Vineyard Wind.
The company affirmed its 2017 adjusted earnings outlook of $2.10 to $2.35 per share.
