Avangrid, Inc. reported significant financial performance improvements in its third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, operating revenues reached $2,083 million, a $109 million increase from $1,974 million in Q3 2023. The Networks segment contributed $1,671 million, up from $1,587 million, primarily due to rate increases in New York effective October 2023. The Renewables segment also saw revenue growth, rising to $413 million from $387 million, driven by higher average merchant prices and favorable changes in energy derivatives.
Net income attributable to Avangrid for Q3 2024 was $205 million, a substantial increase from $59 million in Q3 2023. Adjusted net income for the same period was $211 million, up from $105 million, reflecting a $68 million increase in Networks and a $32 million increase in Renewables. For the nine months ended September 30, 2024, net income attributable to Avangrid was $725 million, compared to $389 million in the prior year, with adjusted net income rising to $741 million from $434 million.
Operating expenses for Q3 2024 totaled $1,829 million, down from $1,885 million in Q3 2023, while total operating expenses for the nine months increased slightly to $5,561 million from $5,547 million. The decrease in Q3 expenses was attributed to lower operations and maintenance costs in both segments, despite an increase in depreciation and amortization expenses.
Avangrid's total assets as of September 30, 2024, were $46,733 million, up from $43,989 million at the end of 2023. The company reported cash and cash equivalents of $148 million, an increase from $91 million at year-end 2023. However, total liabilities also rose to $26,043 million from $23,313 million, driven by an increase in current debt and notes payable.
Strategically, Avangrid is in the process of merging with Iberdrola, with each share of Avangrid common stock set to be converted into $35.75 in cash. The merger has received necessary approvals from FERC and the MPUC, but still awaits NYPSC approval. The Connecticut Attorney General has filed a petition for review of the merger, which is under consideration.
Overall, Avangrid's performance in 2024 reflects strong revenue growth, improved profitability, and ongoing strategic developments, including the significant merger with Iberdrola.
About Avangrid, Inc.
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