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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, 2021
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-20210930_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 28, 2021, the registrant had 387,204,556 shares of common stock, par value $0.01, outstanding.



Avangrid, Inc.
REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2021
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
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
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, 2020, filed with the Securities and Exchange Commission on March 1, 2021.
HLBV Hypothetical Liquidation at Book Value
IberdrolaIberdrola, S.A., which owns 81.5% 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.
ISO Independent system operator
Klamath PlantKlamath gas-fired cogeneration facility located in the city of Klamath, Oregon.
KWKilowatts
LIBOR The London Interbank Offered Rate
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.
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,
 2021202020212020
(Millions, except for number of shares and per share data)    
Operating Revenues$1,598 $1,470 $5,041 $4,651 
Operating Expenses
Purchased power, natural gas and fuel used319 259 1,085 999 
Operations and maintenance727 634 2,045 1,788 
Depreciation and amortization259 255 756 748 
Taxes other than income taxes155 157 480 469 
Total Operating Expenses1,460 1,305 4,366 4,004 
Operating Income138 165 675 647 
Other Income and (Expense)    
Other income13 16 48 15 
(Losses) earnings from equity method investments(1)1 4 (3)
Interest expense, net of capitalization(70)(86)(218)(251)
Income Before Income Tax80 96 509 408 
Income tax (benefit) expense(24)15  21 
Net Income104 81 509 387 
Net loss attributable to noncontrolling interests7 6 34 28 
Net Income Attributable to Avangrid, Inc.$111 $87 $543 $415 
Earnings Per Common Share, Basic$0.29 $0.28 $1.56 $1.34 
Earnings Per Common Share, Diluted$0.29 $0.28 $1.56 $1.34 
Weighted-average Number of Common Shares Outstanding:
    
Basic387,321,484 309,491,082 348,264,388 309,496,234 
Diluted387,676,085 309,550,126 348,714,535 309,554,838 
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,
 2021202020212020
(Millions)    
Net Income$104 $81 $509 $387 
Other Comprehensive Income (Loss)
Unrealized loss from equity method investment, net of income taxes of $1 and $0 for the three months ended, respectively, and $(3) and $0 for the nine months ended, respectively
(6) (9) 
Unrealized loss during the period on derivatives qualifying as cash flow hedges, net of income tax of $(23) and $(3) for the three months ended, respectively, and $(49) and $(8) for the nine months ended, respectively
(73)(15)(173)(31)
Reclassification to net income of losses on cash flow hedges, net of income taxes $(2) and $0 for the three months ended, respectively, and $(6) and $1 for the nine months ended, respectively
5 9 10 12 
Other Comprehensive Income (Loss)(74)(6)(172)(19)
Comprehensive Income30 75 337 368 
Net loss attributable to noncontrolling interests7 6 34 28 
Comprehensive Income Attributable to Avangrid, Inc.$37 $81 $371 $396 
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 of20212020
(Millions)  
Assets  
Current Assets  
Cash and cash equivalents$1,410 $1,463 
Accounts receivable and unbilled revenues, net1,105 1,187 
Accounts receivable from affiliates7 12 
Derivative assets114 18 
Fuel and gas in storage136 93 
Materials and supplies189 169 
Prepayments and other current assets326 525 
Regulatory assets340 310 
Total Current Assets3,627 3,777 
Total Property, Plant and Equipment ($1,608 and $1,637 related to VIEs, respectively)
28,158 26,751 
Operating lease right-of-use assets127 153 
Equity method investments571 668 
Other investments60 68 
Regulatory assets2,500 2,572 
Other Assets
Goodwill3,119 3,119 
Intangible assets296 305 
Derivative assets74 79 
Other347 331 
Total Other Assets3,836 3,834 
Total Assets$38,879 $37,823 
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 of20212020
(Millions, except share information)  
Liabilities  
Current Liabilities  
Current portion of debt$336 $313 
Notes payable96 307 
Notes payable to affiliates2  
Interest accrued79 70 
Accounts payable and accrued liabilities1,402 1,453 
Accounts payable to affiliates50 50 
Dividends payable170 136 
Taxes accrued84 73 
Operating lease liabilities14 8 
Derivative liabilities94 17 
Other current liabilities418 368 
Regulatory liabilities367 274 
Total Current Liabilities3,112 3,069 
Regulatory liabilities3,054 3,137 
Other Non-current Liabilities
Deferred income taxes1,960 1,919 
Deferred income1,147 1,204 
Pension and other postretirement908 1,007 
Operating lease liabilities124 154 
Derivative liabilities163 79 
Asset retirement obligations225 210 
Environmental remediation costs297 292 
Other577 448 
Total Other Non-current Liabilities5,401 5,313 
Non-current debt7,486 7,478 
Non-current debt to affiliate 3,000 
Total Non-current Liabilities15,941 18,928 
Total Liabilities19,053 21,997 
Commitments and Contingencies
Equity  
Stockholders’ Equity:  
Common stock, $.01 par value, 500,000,000 shares authorized, 387,678,630 and 309,794,917 shares issued; 387,204,556 and 309,077,300 shares outstanding, respectively
3 3 
Additional paid in capital17,675 13,665 
Treasury stock(16)(14)
Retained earnings1,723 1,666 
Accumulated other comprehensive loss(283)(111)
Total Stockholders’ Equity19,102 15,209 
Non-controlling interests724 617 
Total Equity19,826 15,826 
Total Liabilities and Equity$38,879 $37,823 
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,
 20212020
(Millions)
Cash Flow from Operating Activities:
Net income$509 $387 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization756 748 
Regulatory assets/liabilities amortization and carrying cost75 63 
Pension cost34 60 
(Earnings) losses from equity method investments(4)3 
Distributions of earnings received from equity method investments14 15 
Unrealized loss (gain) on marked-to-market derivative contracts84 (9)
Deferred taxes23 11 
Other non-cash items(41)(35)
Changes in operating assets and liabilities:
Current assets(115)7 
Noncurrent assets(165)(152)
Current liabilities(1)24 
Noncurrent liabilities(175)(30)
Net Cash Provided by Operating Activities994 1,092 
Cash Flow from Investing Activities:
Capital expenditures(1,897)(1,960)
Contributions in aid of construction53 35 
Proceeds from sale of assets6 12 
Proceeds from notes receivable from affiliates4 2 
Distributions received from equity method investments141 3 
Other investments and equity method investments, net228 (48)
Net Cash Used in Investing Activities(1,465)(1,956)
Cash Flow from Financing Activities:
Non-current debt issuances347 967 
Repayments of non-current debt(302)(511)
Repayment of non-current debt with affiliate(3,000) 
(Repayments) receipts of other short-term debt, net(307)441 
Repayments of financing leases(5)(7)
Repurchase of common stock(2)(2)
Issuance of common stock3,998 (1)
Distributions to noncontrolling interests(9)(5)
Contributions from noncontrolling interests141 312 
Dividends paid(443)(408)
Net Cash Provided by Financing Activities418 786 
Net Decrease in Cash, Cash Equivalents and Restricted Cash(53)(78)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period1,467 184 
Cash, Cash Equivalents and Restricted Cash, End of Period$1,414 $106 
Supplemental Cash Flow Information
Cash paid for interest, net of amounts capitalized$201 $206 
Cash paid for income taxes$8 $4 
The accompanying notes are an integral part of our condensed consolidated financial statements.
8


Avangrid, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity
(unaudited)

Avangrid, Inc. Stockholders
(Millions, except for number of shares )Number of shares (*)Common StockAdditional paid-in capitalTreasury StockRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders’ EquityNoncontrolling InterestsTotal
As of June 30, 2020309,005,485 $3 $13,664 $(14)$1,686 $