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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                  i
Commission File No. 001-37660
agr-20220930_g1.jpg
Avangrid, Inc.
(Exact Name of Registrant as Specified in its Charter)
New York14-1798693
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
180 Marsh Hill Road
Orange,Connecticut06477
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (207) 629-1190
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, par value $0.01 per shareAGRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
As of October 25, 2022, the registrant had 386,624,231 shares of common stock, par value $0.01, outstanding.



Avangrid, Inc.
REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2022
INDEX
 
2


GLOSSARY OF TERMS AND ABBREVIATIONS
Unless the context indicates otherwise, the terms “we,” “our” and the “Company” are used to refer to Avangrid, Inc. and its subsidiaries.
2020 Joint ProposalJoint proposal of NYSEG and RG&E and certain other signatory parties approved by the NYPSC on November 19, 2020, for a three-year rate plan for electric and gas service commencing December 1, 2020.
AOCI Accumulated other comprehensive income
ARHI Avangrid Renewables Holdings, Inc.
ARP Alternative Revenue Programs
ASC Accounting Standards Codification
AVANGRID Avangrid, Inc.
BGC The Berkshire Gas Company
CAMTCorporate Alternative Minimum Tax
CfDs Contracts for Differences
CFIUSCommittee on Foreign Investment in the United States
CL&P The Connecticut Light and Power Company
CMP Central Maine Power Company
CNG Connecticut Natural Gas Corporation
DEEP Connecticut Department of Energy and Environmental Protection
DIMP Distribution Integrity Management Program
DOCDepartment of Commerce
DPA Deferred Payment Arrangements
DPUMassachusetts Department of Public Utilities
EBITDA Earnings before interest, taxes, depreciation and amortization
ESM Earnings sharing mechanism
Evergreen Power Evergreen Power, LLC
English StationThe former generation site on the Mill River in New Haven, Connecticut
Exchange Act The Securities Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
FCCFederal Communications Commission
FERC Federal Energy Regulatory Commission
FirstEnergy FirstEnergy Corp.
Form 10-K
Avangrid, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022.
HLBV Hypothetical Liquidation at Book Value
Iberdrola
Iberdrola, S.A., which owns 81.6% of the outstanding shares of Avangrid, Inc.
Iberdrola GroupThe group of companies controlled by Iberdrola, S.A.
Installed capacityThe production capacity of a power plant or wind farm based either on its rated (nameplate) capacity or actual capacity.
IRAInflation Reduction Act
ISO Independent system operator
Klamath PlantKlamath gas-fired cogeneration facility located in the city of Klamath, Oregon.
KWKilowatts
LIBOR The London Interbank Offered Rate
MBEPMaine Board of Environmental Protection
MDEPMaine Department of Environmental Protection
Merger
The merger of PNMR with and into Merger Sub on the terms and subject to the conditions set forth in the Merger Agreement, with PNMR continuing as the surviving corporation and as a wholly-owned subsidiary of AVANGRID.
Merger Agreement
Agreement and Plan of Merger, dated as of October 20, 2020, among AVANGRID, PNMR and Merger Sub.
Merger Sub
NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of AVANGRID.
MNG Maine Natural Gas Corporation
MPUC Maine Public Utility Commission
MtM Mark-to-market
MW Megawatts
MWh Megawatt-hours
Networks Avangrid Networks, Inc.
New York TransCo New York TransCo, LLC.
NMPRCNew Mexico Public Regulation Commission
Non-GAAPFinancial measures that are not prepared in accordance with U.S. GAAP, including adjusted net income, adjusted earnings per share, adjusted EBITDA and adjusted EBITDA with tax credits.
NRCNuclear Regulatory Commission
NYPSC New York State Public Service Commission
NYSENew York Stock Exchange
NYSEG New York State Electric & Gas Corporation
NYSERDA New York State Energy Research and Development Authority
OCI Other comprehensive income
PJM PJM Interconnection, L.L.C.
PNMRPNM Resources, Inc.
PPAPower Purchase Agreement
PUCTPublic Utility Commission of Texas
PURA Connecticut Public Utilities Regulatory Authority
Renewables Avangrid Renewables, LLC
RDM Revenue Decoupling Mechanism
RG&E Rochester Gas and Electric Corporation
ROE Return on equity
SCG The Southern Connecticut Gas Company
SEC United States Securities and Exchange Commission
Tax Act Tax Cuts and Jobs Act of 2017 enacted by the U.S. federal government on December 22, 2017
TEF Tax equity financing arrangements
UI The United Illuminating Company
UIL UIL Holdings Corporation
U.S. GAAP Generally accepted accounting principles for financial reporting in the United States.
VIEs Variable interest entities
3


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
(Millions, except for number of shares and per share data)    
Operating Revenues$1,838 $1,598 $5,765 $5,041 
Operating Expenses
Purchased power, natural gas and fuel used535 319 1,716 1,085 
Operations and maintenance758 727 2,102 2,045 
Depreciation and amortization279 259 811 756 
Taxes other than income taxes154 155 501 480 
Total Operating Expenses1,726 1,460 5,130 4,366 
Operating Income112 138 635 675 
Other Income and (Expense)    
Other income18 13 38 48 
Earnings (losses) from equity method investments2 (1)261 4 
Interest expense, net of capitalization(76)(70)(226)(218)
Income Before Income Tax56 80 708 509 
Income tax (benefit) expense (50)(24)14  
Net Income106 104 694 509 
Net (income) loss attributable to noncontrolling interests(1)7 40 34 
Net Income Attributable to Avangrid, Inc.$105 $111 $734 $543 
Earnings Per Common Share, Basic$0.27 $0.29 $1.90 $1.56 
Earnings Per Common Share, Diluted$0.27 $0.29 $1.90 $1.56 
Weighted-average Number of Common Shares Outstanding:
    
Basic386,736,774 387,321,484 386,724,035 348,264,388 
Diluted387,280,621 387,676,085 387,200,882 348,714,535 
The accompanying notes are an integral part of our condensed consolidated financial statements.
4


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
(Millions)    
Net Income$106 $104 $694 $509 
Other Comprehensive Income (Loss)
Gain on nonqualified pension plans, net of income tax of $3 for the nine months ended
  9  
Unrealized loss from equity method investment, net of income taxes of $(5) and $1 for the three months ended, respectively, and $(1) and $(3)for the nine months ended, respectively
(13)(6)(2)(9)
Unrealized (loss) gain during the period on derivatives qualifying as cash flow hedges, net of income taxes of $1 and $(23) for the three months ended, respectively, and $1 and $(49) for the nine months ended, respectively
3 (73)3 (173)
Reclassification to net income of losses on cash flow hedges, net of income taxes $7 and $(2) for the three months ended, respectively, and $13 and $(6) for the nine months ended, respectively
19 5 36 10 
Other Comprehensive Income (Loss)9 (74)46 (172)
Comprehensive Income115 30 740 337 
Net (income) loss attributable to noncontrolling interests(1)7 40 34 
Comprehensive Income Attributable to Avangrid, Inc.$114 $37 $780 $371 
The accompanying notes are an integral part of our condensed consolidated financial statements.
5


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
 September 30,December 31,
As of20222021
(Millions)  
Assets  
Current Assets  
Cash and cash equivalents$60 $1,474 
Accounts receivable and unbilled revenues, net1,343 1,269 
Accounts receivable from affiliates4 11 
Derivative assets122 35 
Fuel and gas in storage272 139 
Materials and supplies230 204 
Prepayments and other current assets384 245 
Regulatory assets389 400 
Total Current Assets2,804 3,777 
Total Property, Plant and Equipment ($2,693 and $1,959 related to VIEs, respectively)
30,406 28,866 
Operating lease right-of-use assets149 148 
Equity method investments416 560 
Other investments48 61 
Regulatory assets2,113 2,247 
Other Assets
Goodwill3,119 3,119 
Intangible assets282 293 
Derivative assets132 59 
Other438 374 
Total Other Assets3,971 3,845 
Total Assets$39,907 $39,504 
The accompanying notes are an integral part of our condensed consolidated financial statements.
6


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 September 30,December 31,
As of20222021
(Millions, except share information)  
Liabilities  
Current Liabilities  
Current portion of debt$322 $372 
Notes payable500 159 
Notes payable to affiliates2 2 
Interest accrued85 69 
Accounts payable and accrued liabilities1,451 1,586 
Accounts payable to affiliates46 61 
Dividends payable170 170 
Taxes accrued88 43 
Operating lease liabilities11 12 
Derivative liabilities131 64 
Other current liabilities519 484 
Regulatory liabilities478 307 
Total Current Liabilities3,803 3,329 
Regulatory liabilities2,865 3,022 
Other Non-current Liabilities
Deferred income taxes2,178 2,016 
Deferred income1,079 1,130 
Pension and other postretirement465 684 
Operating lease liabilities151 149 
Derivative liabilities192 160 
Asset retirement obligations266 253 
Environmental remediation costs276 298 
Other534 580 
Total Other Non-current Liabilities5,141 5,270 
Non-current debt7,764 7,922 
Total Non-current Liabilities15,770 16,214 
Total Liabilities19,573 19,543 
Commitments and Contingencies
Equity  
Stockholders’ Equity:  
Common stock, $.01 par value, 500,000,000 shares authorized, 387,734,757 and 387,678,630 shares issued; 386,624,231 and 386,568,104 shares outstanding, respectively
3 3 
Additional paid in capital17,688 17,679 
Treasury stock(47)(47)
Retained earnings1,934 1,714 
Accumulated other comprehensive loss(227)(273)
Total Stockholders’ Equity19,351 19,076 
Non-controlling interests983 885 
Total Equity20,334 19,961 
Total Liabilities and Equity$39,907 $39,504 
The accompanying notes are an integral part of our condensed consolidated financial statements.
7


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended September 30,
 20222021
(Millions)
Cash Flow from Operating Activities:
Net income$694 $509 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization811 756 
Regulatory assets/liabilities amortization and carrying cost(37)75 
Pension cost(6)34 
Earnings from equity method investments(261)(4)
Distributions of earnings received from equity method investments19 14 
Unrealized loss on marked-to-market derivative contracts17 84 
Deferred taxes10 23 
Other non-cash items(28)(41)
Changes in operating assets and liabilities:
Current assets(360)(115)
Noncurrent assets8 (165)
Current liabilities95 (1)
Noncurrent liabilities(68)(175)
Net Cash Provided by Operating Activities894 994 
Cash Flow from Investing Activities:
Capital expenditures(1,940)(1,897)
Contributions in aid of construction90 53 
Proceeds from sale of assets16 6 
Proceeds from notes receivable from affiliates(1)4 
Distributions received from equity method investments4 141 
Other investments and equity method investments, net(189)228 
Net Cash Used in Investing Activities(2,020)(1,465)
Cash Flow from Financing Activities:
Non-current debt issuances216 347 
Repayments of non-current debt(332)(302)
Repayment of non-current debt with affiliate (3,000)
Receipts (repayments) of other short-term debt, net209 (307)
Repayments of financing leases(8)(5)
Repurchase of common stock (2)
Issuance of common stock(1)3,998 
Distributions to noncontrolling interests(8)(9)
Contributions from noncontrolling interests146 141 
Dividends paid(510)(443)
Net Cash (Used in) Provided by Financing Activities(288)418 
Net Decrease in Cash, Cash Equivalents and Restricted Cash(1,414)