you you second saying the want your Avangrid. yesterday believe, Well, me year special our thanks, be earnings thanks everyone. of with start those that my it’s on Well, for by all of and better to a support was to how good at can And joining a candid feedback quarter I to thanks to but team call. hard provided We appreciate one and you constructive the morning, Patricia, company. anniversary and and we
months, we long accomplished, Over believe indicative And half focuses to a what and that still I’m we’ve pleased are so build customers our all lies commitments, for company on On progress XX can deliver befall, and results consistent focused our continuous a we’ve ahead. and hard excited that executing. but even ways developing on aligned, And more when team last what have our performance go. far, execution. on that with our proud I worked to of realistic accountability on we’re focusing is of I’m first delivering while our the safety are goals with improvement.
quarter second our income the up income our of million, and For was million XX% adjusted net net was $XX XXXX, year-over-year. year-over-year up XX% $XXX
rate our to previous to million strong XXXX. as million excellent the providing pleased and midpoint with customers. to guidance our In growing we’re we’re X% to focusing while $XXX at our first we our management double-digit ROE, are range businesses $XXX $XXX half half for Both to net For which for as half, compensate and pricing excellent resource weaker year-over-year million the income in the Based line rest the first of the for net adjusted excellent adjusted on availability Networks’ the XX% raising million net our wind $XXX million of our and results our year, our from new on on previous asset are Authorized with the to of has our growth. bottom outlook service $XXX improved performance, our performance a XX% renewables, delivering up was Road million, income was first up guidance total execute helped for year-over-year. a by our and income $XXX the fleet, of compared year. operating of
Now since raised of by the this in guidance our from second the earnings year, guidance first we quarter. we is outlook we’ve X% guidance now at remember, up this our recent increased the original this With our is February. around most XX% revision, end time provided
$X.XX issued XX, million shares to guidance to We’re increased a adjusted also XXX results. common our which additional million reflects weighted and $XX and prior reflected for shares compares XXX million our $X.XX shares with per the updating – previous EPS in to this the on guidance May range which share, XX average million XXXX of common
settlement In we for resources Mexico the continue NECEC key ongoing Public construction of the Commission. Intent final Wind own investment we customer to addition Record legislation, received PJM for Environmental for recently transmission in other our well reduce In on Draft XX-year solar our we sign we from contracted execute other onshore the In plan Park awaiting offshore progressing into commercial to contracts approval megawatts Energy to project X, a we our BOEM’s entered agreement Wind. hardening of is renewable, In and Regulation and New megawatts renewables, of with New All Connecticut, Avangrid to XXX XXX stakeholders. UI been received. In storm would New of our with with and statement merger Impact capacity. enable contracted Vineyard our expect approvals finalized Notice Decision York, of to preparation PNM segments. City and on a have performance, industrial In propose Mexico, passed plans Cuomo we’re England New to Clean In to strong regulators incremental increase which strategic Governor objectives. or Maine, Connect all resiliency. financial
Information projects issued merger risks we from look hydrogen for removes side, build future, at On to May submitted several this hydrogen group. a the equity as for financing which of see experience We in the opportunity at we discount, of successfully additional leverage pending of our billion And of growth, financing nationwide clean $X will the and as capabilities which U.S. PNM global and transaction. an we the the concepts green equity assets to for common the no Iberdrola hydrogen part low long-term as scale. Energy’s existing cost Request Department enable
into X, continue all customer as on we focused our and our utilities. road further to of down that safety, operational Slide driving excellence our Now ROEs Networks service remain we on achieve authorized
the together We’re RG&E’s bring to and making relief ROE UI’s to change the pleased or preserving towards move to rate dockets, and utilities. adjustment the we’re had to we’re each New we’re at result our plans a customers years stability we rate the In In rate capital of in settlement largely for and good implementing was of initial and The coming forward. three-year structure. agreement authorized PURA term approved & progress mechanism both tracking with multiple to rate across our decrease board no Connecticut, interim that earning key to the agreed utilities. ROEs NYSEG York, come stakeholders at see agreement
passed important to to utilities Additionally, provide the storm of directing XX-year sign plans a challenges the holistically recently storms implement hardening Governor outside we This plan resiliency create an for an will legislature and opportunity thoughtfully service the expect the to Cuomo service to this basis and to CMP for to bill, case. identify bill perform long-term will remove which rate and ensure investments In file the Maine, customers. later continues points resiliency our metrics its right reliable to we plan well adjustment The to expect year. continues XXX customer pose. enhance and on
places identifying findings addition, customer certain released real made management In still service, more. echo in while audit we the of – echo what the do can where improvements week last we’ve that we
as of expectations, We’re committed to our those fully well our meeting regulators. as customer’s
We’re driving creating and making paying power economic meet growth climate and ensuring reliably good focused jobs. is Maine safely, while delivered to on affordably needs the goals, ambitious the at and investments
vein, ongoing as Connect progress Construction England making lifted Now our on we’re Segment that was of injunction Clean New in in in May. X now all project. is the steady Energy parts
Our construction on We up see as remaining date, roughly Mainers to X,XXX to COD workers in construction to employed NECEC for we track activities continues. which ramp I’ve expect XXXX. XXX
each safely. restored response our impacted Network’s great that two our you of to services and working states teams work our while benefits business team energy job, and Northeastern the of over never go our continuously small doing growing for the your of to and a is Maine customers groups, difference. great this facts Thank sharing weeks, beyond makes and we’re the to Our Avangrid Storm clean a from the last project positive is us. unions, support and seeing Mainers and our cost I and want But And across and to COVID-XX recovery. continue, customers on recognize ongoing our And large Elsa. crews we challenges our storms from utilities, responding with team, To collaborate above to efforts we tropical network regulators before continue storm all all and easy. including residents. efficiently effectively ensure
Now for of agreement other the process PNM approvals Evidentiary The now to X, and merger. six close the Avangrid continues stipulated on are seven move Regulation on hand. transaction remaining with Resources Commission mid-August the Public close New government turning is in needed the to to Mexico only the XX approval Slide among necessary merger parties. forward to the hearings set PNM,
Lujan expect the year-end. with the the work have and Michelle them by to for stakeholders the Grisham Governor And stipulation of close other agreement, merger while also approval express for support we has to we’re Mexico’s joined continuing New to PRC agreement. transaction
Now, Slide on turning to Renewables X.
plan to megawatt by converting long-term in our fleet. PPA developing XXX pipeline XX of customer. and our into commercial operating in and existing identified be contract XXXX. new our and commissioned PPA recently continue This gigawatt performance with improving execute a We PJM on to overall the executed is contracted a our project approximately for solar project industrial We’ve
de-risk in uncontracted by our Now portfolio our percentage what of commitments capacity. we focus to other Analyst Day our at was asset November reducing the made
we megawatt Project California. to a on signed for commitment continuing on as second was of fluctuations. of Wind the uncontracted make and At sale megawatts capacity the uncontracted that we’ve in a during the our XX% XX price a capacity susceptible PPA Manzana Blue And We’re approximately portfolio XXXX, XXX contract Ohio. of progress executed to portfolio quarter, for Creek REC Wind end existing Farm market in
now We’re to track XX%. at on around XXXX end
Wind capacity, in XXXX, in under megawatts with Washington new megawatts, XXX XXX in Lund Roaring Golden construction, with X,XXX and with of already XXXX XX with megawatts had Solar projects onshore megawatts. Oregon Hills megawatts, we for XXX including XXX megawatts Wind in for Hill Brook Solar with through Oregon York and New Montague As solar construction in wind
optimizing development mature XXX solar onshore got sale value project. projects a of of we’re addition, portfolio approximately In we’ve gigawatt XX gigawatts will and provide the the of in megawatt with that X.X growth future our overall our pipeline
exciting our part the wind financial Now, in and intend industry, to construction emerging or when XXXX the Avangrid farm Vineyard large and evaluate second Wind of the starting project. full Slide the May it importance as offshore XXX is BOEM soon wind start XXXX. our project the pipeline forward. green XXXX, offshore with commercial On and country, megawatt go light We in another half the the Management risk company of always, delivering In strategic to to Wind the gave operation assets Vineyard Energy X sense. clean we’ll to the electricity Ocean Massachusetts in leading business. optimize Bureau of and begin first in of reach wind scale reach growing close to X, makes our is continue U.S.
U.S. The key we an and the and progressing is the a step Wind a Offshore the project and birth We’re of of X well. future part of clean industry to really we energy proud be for is wind incredibly and America’s toward a major work connected clean is day. envision to forward future Vineyard part every important new excited
rotation Massachusetts We and through last house have a critical of with GE, the their Massachusetts day. New the and construction XXX families Agreement deliver using construction. and as all in major contractors Vineyard for in can with Climate jobs National in Labor progress clean Haliade-X Markey that suppliers The and Advisor, as as from unions week We’ll start. was turbine just class well Warren, a an this Gina XXX,XXX entire Wind technology McCarthy PLA Bedford, one power be a We’ll Senators we’re secured, will attendance. energy with this is executed Project best approximately contracts to for with we we’ve backbone be only celebrated created
Management an in megawatt contracted prepare Wind, will Connecticut. intent the XXX Ocean For environmental Park statement, serve ROD XXXX. Energy Bureau our project notice of impact City of QX state The its of that enabling of published the to
Renewables earlier reach Governor our to office and to clean project, the we have project Ned offshore Connecticut to megawatts were developing XXXX. clean expect potential this from opening operation We of deliver And generating into in ribbon. attendance intend is start Virginia week, cut energy to has we help Carolina. X,XXX the North full the honored and in in wind electricity and commercial XXXX Offshore Avangrid also Lamont the the in which Hawk Kitty to of celebrated
notice We discussions North the expect and receive off-takers. we’re Hawk of Kitty intent to continuing energy with potential soon, for
have North of Coast including X.X much gigawatts our gigawatts another leased of the supporting access we gigawatt and with in of the wind X which gigawatts X.X as as total, off in wholly-owned. areas Now of capacity, lease Avangrid to Northeast XX% projects X.X offshore share the lease of contracted Carolina, areas area
bids has due its future September. opportunities, for Massachusetts gigawatts of released to third RFP In in with up terms X.X
by comment XX The of BOEM. the proposed and than with lease received Vineyards is And last apply X starting gigawatt approximately York to years sale in sale regarding South. areas leases Vineyard starting when XX and BOEM Rhode Park recently extension in York XXXX alignment City New eight by area a COP that X approval month We its of New of a of terms after administration more in auction lease gigawatts Wind the Final the extension capacity Biden operations latest Vineyard be year. next potential and the this the support Wind target by with of We Island, to our at gigawatts. granted also from Bight an expect notice period. term day years, Connecticut XX followed will expected for the more will XX
to I’ve disciplined participate footprint auctions, existing we our Now be we but noted leases. these in bidding approach expect in have of to most a as since we’ll before, our with already continue significant
turning to Now XX. Slide
to country bigger excited develop this we aim large We think leader Hydrogen be to toolbox. we which Department clean-up space, decarbonize why is have – we’re RFI. in tools a thanks Energy’s and to know our and submitted of have several unique well-positioned the up. give Earshot That’s to bolder leg advantages, Energy Earthshot we our us responses a we in As RFI scale, to continuously Avangrid see the the on have to emerging hydrogen a
communities On side, utility states deep and serve. our local companies the operating the we have and knowledge roots in
delivering leading a Iberdrola and at have And Spain and hydrogen UK. existing We commercial projects developer colleagues green scale operator as the in nationwide. expertise renewables our are already
cost We streamline of in expect per efforts kilogram $X cost into to learnings tap by the key a and of to goal these U.S. the our from the to here support in projects the XXXX. development DOEs enhance competitiveness achieve process
and investment which and from proposals the to Corpus of out in creating historic that local project can of we’re a concepts Northeast, manufacturing looking the coast to our pneumonia stages multiple and hydrogen envisioned wind build on at transportation hubs to coast. we support for hydrogen from economy. Now DOE provided In cost industrial convert productions an scale the early hydrogen green as green ranging stretching industrial applications use the we’re have The thrive needs. thousands wind strengths, Shifting may our in in what while and would create Connecticut Northeast history Texas power industrial a offshore commercial ambitious There leverage NECEC to these uncontracted bolstering west states we Hydrogen to low and in long to call Maine. into jobs Christi, in green a our to electrolyzers Valley. be potentially and opportunities
The would to and our of And source Klamath projects green generation as leadership. proposing and Oregon, our Our project is hydrogen from Cogeneration a create domestic country’s continue balances Plant. this production co-locating value, aim flexibility scalability further cleaner we’re help Northwest at in grid demonstrate to the our resiliency fleet. hydrogen Klamath with and like to energy intermittent wind
XXX,XXX emissions projects these expect XXX estimated million deploy year, of capacity we dioxide generate per clean total, by megawatts in to reducing an of hydrogen over So carbon a could XX year. approximately of kilograms tons electrolyzer
solution. these future they’re we Avangrid driving American the for as the as committed avenue viable are are Avangrid states at concepts, as fuel, we progress how to climate who part green for been into offshore the and technology wind. for company to still for well part future. key growth clean innovation with our to hydrogen Now, make We we’ll projects the hydrogen, always next years and has like are changing as in of of continuing energy come. the and game green forward a stakeholders It’s a DOE and being lead while to a to a vision continue look force our to engage
before, for this already of strong end our good balanced governance a was parties is but and doing financial and and Using these model environment business, of ESG+F. process with utility business to way Avangrid governance in Forbes investment the front from communities. good strategy and in is Just I’ve the social said a and practices third Avangrid record better is well ranked for our environmental, corporate at shareholders. like Capital recognition or doing Now, best do customers, and employees, grounded our filters communities reputable leader an sustainability the track and established for as where by
Leader Compliance Ethisphere’s award earned multiple Verification, practices Companies for best Most the years. Ethical and World’s Our
leaders, equity sustainability our by with number of our we’ve by Scope steps end X and we out further Since to training out we training taking unconscious We’ve including suppliers our the commitments when and to our year. ESG+F our articulate our the employees of increasing available our and diversity our the all been areas, model, business on progress among November, capacity, the goals. in organization, of of last in and for carbon and making renewables diversity, emissions, concrete set carbon volunteers. employee Now, lowering our inclusion laid then, increasing bias a increasing XXXX, introduced goal commitments neutrality achieving promoting
supplier process. our We’re implementing we’re as workspaces. in usage office May, and leading upgrade Zsoka enterprise also of company actively plan tracking plan consolidate we McDonald. achievement these procurement to the a on in of In our be announced the with identifying our first to part Officer, And our appointment to of the deliver our spearhead the Zsoka suppliers as our and footprint wide, our consumable for facilities energy energy will COX sustainability diverse goals help new sustainable Sustainability aspiration Chief U.S. reduce we
can on sustainability our in on detail reports website. you the and find our Now ESG+F progress additional
now it through financial results. turn I’ll you to Doug So over to take the
