Avangrid, the parent company of United Illuminating and other energy companies in the Northeast, saw strong profit growth, according to earnings released Tuesday.
The company posted net income of $102 million, or $0.33 per share, for the second quarter of 2016, compared to $11 million, or $0.04 per share for the same period in 2015.
Adjusted to reflect the combination of Avangrid with UIL and excluding the sale of certain equity investments the consolidated adjusted net income was $100 million, or 32 cents per share, for the second quarter of 2016, compared to $31 million, or 10 cents per share, for the same period in 2015.
CEO James P. Torgerson said strong results came from improved revenues and increased rate base, as well as earnings from its renewables business that benefited from better overall wind production. The company has filed for a rate increase in Connecticut.
