for morning appreciate good and our everyone. us We Michelle quarter earnings thanks call. fourth joining you Well,
and Avangrid beginning that execution XXXX, By income focusing by started on our above banner for In on all XXXX operating year was slide the XX%, net deliver of we finished five. we get with a with accountability, building we nearly of XX% as year results. successfully XXXX, net accounts, review commitments. XXXX on a a respectively Let's and could culture up financial and adjusted and our demonstrated income
to addition our per increased individual compared segments of adjusted May, and equity well. net at in At share. business net as delivered XXXX results, earnings financial adjusted rose our strong each Networks, X% issuance In the XX% XX%. with up share per to income consolidated of impact our income $X.XX Avangrid's adjusted Renewables, Even with was
performance customer success offshore completing which by Now, delivered this operating and by such for venture. for as Networks, our financing joint the In service for earnings. yet, represents gigawatt largest In X, commencing award growth a strong Wind over in and XX% in project Vineyard was wind then our of December, offshore we our our mainly driven critical as selected X.X winner a Wind. Commonwealth megawatt were areas Renewables, we construction XXX
fleet's we addition, onshore advanced to improvements solar. in continued wind and construction energetic our In availability and
sheet balance without continuing merger to by our our to to organizations equity the I'm also for be we leadership. PNM continue helped final $X and that which at able with in were Resources. Avangrid proud we our our discount, Additionally, for multiple as market ESG&F recognized raise the price a plans approval fund is growth billion get strengthened work to
will strong a build So, foundational grow. we for to Avangrid, year from continue which needless and to say, XXXX was
customer Public has to investment great not call $XXX increased million to thanks secured of experience. Maine basics improvement contact the X% need. with more support to and focus help our progress services major Investor customers We're satisfaction turn increase to on billion report on forward, the handle present We in we we're customer in to we've in record Power the component the government the new the XX%, our the the to improvements in they focused basis and removed A rate redesigning Commission challenges was now recognize times our been our can Purington, a our renewed customers, our customer billion. a And customers to we pleased slide on imposed under overall and We've week, we experience interact of going service to our as of reduced over to the teams, you how Central and with XXXX, over in Joe Turning the told that Utilities and six, In of corner on and service $XX.X that we XXXX, like served that works, commitment base our customers. seamless communication expanded and us CEO, on improve last at Avangrid Maine improving our moving assistance we're Day made. that adjustment our $X.X leadership Maine, consistent e-billing customer service channels future, CIP an in In XXX way. past. point customer our ROE last November so made
for In data get we've to by nature. we positioning storms crews when addition, mother more respond increased and impacted increased of do our using analytics effectively proactive planning
XXXX number the impacted result, customers of a XX%. by in As by we reduced outages
implementing our XXXX, also in the and the York approved to starting that the were work need continued and plans our but not We're end at their supported also hard group, across bottom-line. team trade the dedication results only our other of rate in by improved operations, were see recognized work were the country XXXX. on EEI. of New in we time national the utilities Now, in In
base approximately have up rate and do. more investments, gap new but on started half see of to by we to points, York the with our our we makes still work ROE and basis our earned improved New about focus XX
for XX% to in focus And back over to on to approximately XXXX. wind one for of megawatts getting is excellence fleet's basics Turning contracts in wind a Uri of our XXXX finish megawatts our renewable, In energetic the business improved XXXX, year. monumental currently last in company executing winter we and deliver operational to gigawatt we successfully what XXX of enabled onshore and permitting continue needs has our also solar became our truly the and value finance. This recs. of focus a the was wind to and XX as projects availability we onshore of for us new meet year Texas and line business XXX solar customer solar enhance and offshore completed megawatts have during by construction. cross storm offshore substantially the commercial projects first scale to project
former constructing the note Avangrid which to become deliver today will award award gigawatt as Wind major Phase Renewables both as U.S. first projects. a And X, another well project process Wind. for Commonwealth offshore City for we're for year England. team, result, with in week, Prysmian for we new offshore closed the offshore it wind project to launching Kitty it Hawk from first a in clean our Park the hub. environmental of continue now Massachusetts Vineyard the Group We progress largest X This for bringing our the transforming plant project, proposal on And announced a to energy and into that New win state jobs Avangrid's high us of Commonwealth will with BOEM plant wind Massachusetts, families. X.X Wind part site coal-powered a and the the Wind wind to both a on largest make of was hundreds making As clean energy review build manufacturing last
the bumps NECEC in couple in a road we merger XXXX hit in Now, referendum did May. approval application our and PNM Mexico with in New
to at both bring stakeholders. any England committed for when and of of With New appeal rising while outcome important stability believe We and Supreme struggling the remain million we're we they're last New a are agreement filed year's the time to -- an state energy truly win-win $XXX cost that working for with least unconstitutional we New help merger However, of bring PNM, extended a Mexico XXXX would toward merger Mexico, prices. to In referendum. successful would NECEC efforts relief our investments. April our a all energy benefits with Resources PNM these needed for much Court. at that with Maine, both challenging We've of families our
on our -- everyday improving launched seven, spend at to couple slide want wanted to it we continuous from a it making and journey to be continuous on day do be about minutes focus Avangrid. to business improvement XXXX, improvement I our of better easier do and to Turning In we every wanted beginning, early this Avangrid. to we very at the
This we've And our by all to includes these activities. we between results $XX be accomplished we successfully For to when in senior value, and revenues, process our sustainable driven see these everyday higher improvement, health with in satisfaction, just teams, and the employment, bottom-line. changes results. implemented range engagement, year customer increasing do one, can't reducing things capacity And improvements of million employee million The pretax management increased what long-term, in financial safety, ideas very right, opportunities they $XX owned we in falling by value of low over employees. approximately through improved and and creating $XX we proud we're the better million delivered the driven and including outside are a consultants. be and and
we're critical more we reinvesting and to In avoidance. expect value cost how in be in even business addition, do In we improvements see activities, addressing to business, new capacity is can been the and created that creation. reprioritized we're XXXX, further
options, $X.X Vineyard target for City valuable in and Renewables, plan our investments business, customers on now butter credit investments. Park key out in as advancing Kitty exploring basically development X to including our Wind In in funding continue federal milestones, continuing continue all time improving in be longer our and initiatives to the actively Let's prudently and remain project others continue New agencies slide In no focused our in to of reliability, on strategic on system, including our state approximately matters. to the open safety, bread This and invest as build managing multiple more starting may resiliency our and priorities billion offshore Wind, regulatory partnerships portfolio hitting We'll asset including our We'll construction, market. effectiveness, marketspace XXXX Wind, with have operational our finding or and balance billion maybe alternative year, our we and $X.X the investments PPAs underway and Commonwealth of with AMI with in we to resolve constructing of and relationships recycling XXXX budget, while about while we'll overall and on York. it's well to that our offshore Networks sheet metrics, wind, a eight. Hawk. investments start turn to about strengthen
chain stay challenges And supply to continuing the and push challenges the given power we'll our forward continue procurement group legal and PNM purchasing global we'll inflationary Resources to supplier leverage our makes on the Iberdrola's partnerships in Now, and successful where of project in deliver our resolutions and NECEC pressures, focused sense. May. scale merger it
implement at to everyday continue XXXX, our with $XX the better million $XX pretax we'll to to addition, to bottom-line. journey in million value least incremental $XX to In million of generate expected fall approximately
So, continues mistake XXXX be to it, execution. make about no about
rate XX, by inflation mitigating and chain go XX% scheduled result this Now, the rollout country With the summary the availability and provides on our is we're impacting roughly base challenges pressure. of gigawatts total entire in $XX.X product in XXXX, project as system over and to this sector, managing as as on and beginning safer, well of about meter for high continuing a billion. the roughly the our slide also focus XX% we're billion of possible. one nine $X.X while year renewables Networks advanced COD our in slide electric will our focusing to in infrastructure make our gas side supply supply as while to will continue where end of In really more business XXXX. investments And about stronger, New in of the effectively energy and increase to be just year distribution, onshore Again, to constructing investments reliable, at X% level we York. chain
we solar need still XXXX. Our with the staple wind modules for suppliers our further actual leverage projects are XXXX XXXX to however, power to help manage the work CODs try for in product. are construction our projects and contracted availability where under supply contracted this to Iberdrola's of We and and and ensure with purchasing risk. That's through
PPAs major the projects and all fixed milestones. other for U.S. X on reminder, the key and end costs forward As appropriate. Iberdrola that construction believe Vineyard for by continues We the with in continue for we second their XX, to And offshore to the project chain Wind basically we the of expect as strongly and the affiliation forecast. hitting building X to Development wind priorities been Wind are to focus in slide either contracted supply continue we'll have labor a and and leveraging as Wind the have completed on Commonwealth Vineyard elements resources plan go is advantage offshore quarter XXXX. of wind experience business competitive our our
Now, I place turning development to in wind want on lifecycle. offshore creation slide takes the XX, focus to the that value
New wind a next This to along closed Now I'll slide, strategic and contracted and that detail which now X.X of Virginia. in East gigawatts contract our negotiation control in from gigawatts offshore X.X X.X that also of the bit projects area speak is and another in we lease in North England, of is offshore gigawatts and Coast. directly X.X we've restructuring X.X process, Kittyhawk the on our wind potential fully Carolina gigawatts little more the gigawatts includes
allows This life economic easily to the and assets, determine in growth this capture generate of offshore as optimal will be these the control value investment. financing partnerships, investments, the could and fully us future for value including be recording those realized additional value to deliver our we XXXX. realized in wind Now, but may incremental to the part are then QX gains over structure of also which we more
continue through portfolio undervalued end here the closing, construction, upon financial mover offshore, permitting, acquisition COD. one move lease with This which through Advancing is our in being the By are timeline You process, increases based and value. which advantages. development starts and have of competitive the prices. uncertainty area. development see current reduces lease then an market can We the with with of early areas we
and may but those you completed. reduces potential There our only the As for project as in value, risks risk, deals. participate are higher you pay it easier example, not to it able piece partners potential makes partners project a also a to permitting new it move once -- various the for right, the increases development valuation of a PPA that they're want, steps don't been for or premium but to have
we offshore projects own capital gigawatts fully a bring and Now, and believe and value of requirements. explaining optionality terms total that I that to this our portfolio, X.X our don't of of incremental in better its price, in Avangrid and reflected partners we is X.X controls market reduce our do own to we in and gigawatts appreciated by slowly control job stock destiny when need it. monetize the
turn in resulting agreement and this and value part CIP. recently our of value. agreement restructuring the gain joint However, with on speaking let's XX couple creation, venture clearly spend XXXX of And slide minutes a to restructured demonstrates
X,XXX Massachusetts XXX megawatt megawatt Park respectively. result owner of Wind now agreement, in we're sole a and Wind in As Commonwealth Connecticut project XXXX, a City of January which restructuring the closed and
the pipeline maintain Wind in partners, to X increases wind City leased wind understand in the to of XXX, contains of offshore This area England. project XX% to $XXX took area. of million CIP, area Wind England, continue a payment a X.X supplier XXX% exchange New leased areas, and Park help the And XXX, New which the net ownership gigawatts megawatt Avangrid's XXX We And value to eastern Wind. acquire we lease construction. largest made in of us most our in offshore making Commonwealth Vineyard full restructuring strategic under offshore wind interest
of present in prices areas, were lease City, and strategic of our are before to portfolio And acquired develop areas million. that's Wind further valued of which in cash $X excess in gain development, point a its hundreds here continue of for of of with Vineyard gain value XXXX. value XXXX. This generate recorded lease This to current their generation which Park lease million, the future value. Avangrid about the stage the areas below for from in the offshore comparison, the be X, on millions in the based will and the our recognized transaction of projects and Commonwealth net versus book associated our allows market auction will value flows a increase transaction As $XXX of currently we the is of considering QX current they dollars of record
offshore related of Commonwealth. and in realized control reinvestment this the in value the We'll the unlocked of recurring value cash overtime. to future represents in Day, our flows EBITDA provide Park essence, business of future to in City offshore value significant Wind So, gain additional be and and synergies optionality to of total better our future. can flows in you joint full assets and development understanding This so get the portfolio demonstrates of going their initial additional Investor QX real our these and our that's of our cash a real detail at impact P&L incremental
of sustainability Avangrid. of energy committed It's COVID-XX the XX safety and pandemic our ESG&F. ESG&F rating. value well and little And in investment is day, part we a to slide fully proposition a particularly of our increased as by made commitment were operate how our we're second number Most decisions. peers, and JUST Avangrid the to utility performer the our places among truly continue Companies where comes to overall a and one DNA annual row, strategy And business health to year World's We also out when core placing Ethical Now, industry and the our we four a Avangrid's for XX rights our first through XX it earn the top consecutive our third company the at XXX provides and Ethisphere to XX. XXXX companies. every our list, health to to safety we on long-term year be marks bragging ranking of named by
In addition, S&P sustainability. leader in highlighted Avangrid as a world
we'll more our Investor to overall on area spend integral but Now, time is Day, strategy. this ESG&F during
new with his XXXX in And over that, four thank results the last evolved Stuver we wish before the want in months. Now, leadership Executive makeup role it's has XX to financial Pittsburgh more on the with the that for in CFO all leadership of Avangrid's his for recognize as I over go the organization. Doug years team and I really to him detail, to steady the think Steelers last important best
you Doug Risk congratulations beat except She play years we that him confident various has when guys Benefits, my then, day And CFO. you served roles pleased Retirement Holdings joined Avangrid's last with team. ago Finance, Patricia over Today Patricia that Insurance and Steelers, well. as Management Management, So, UIL XX and skip I'm Treasury, the won't finance with of IR, company our Doug's a you also but resume. leading long here, it's Patricia Investment and Go and is since LA Corporate to in I'm appointed all proud we have Rams. know I'm interim Cosgel including a see
please results that, XXXX discuss new Patricia? outlook. So, to put Patricia our her and financial with her And to congratulate let's help on me role. work
