Iberdrola-backed Avangrid goes public in New York

Avangrid was formed to merge Iberdrola USA, a subsidiary of Spain’s Iberdrola, and UIL Holdings, a Connecticut-based power and gas utility that Iberdrola recently acquired for $3bn.

The new company is among the largest vertically integrated utilities in the US, and the country’s second largest owner of operational wind capacity, trailing only NextEra Energy.

“A new American energy giant has been born,” says Iberdrola chairman Ignacio Galán. 

Avangrid