Avangrid (AGR) Stock: Why It Fell Over 3% Today

By Amit Chowdhry ● Sep 22, 2022
  • The stock price of Avangrid (AGR) fell by over 3% intraday today. This is why.

The stock price of Avangrid (AGR) fell by over 3% intraday today. 

Why: Avangrid announced the consolidation of its onshore and offshore renewables businesses. And leading the consolidated business will be Jose Antonio Miranda, who will serve as President and CEO of Avangrid Renewables.

Miranda was appointed Co-CEO and President of Onshore for Avangrid Renewables in October of 2021. As President and CEO of Avangrid Renewables, he will continue to leverage his extensive renewables leadership experience, including his years of service as CEO of Onshore in the Americas region for Siemens Gamesa and Chairman of its Boards in the U.S., Mexico, and Brazil.

KEY QUOTE:

“As we strive to maximize asset value, efficiently execute projects, and manage the changing dynamics of business in the U.S., consolidation of the onshore and offshore businesses will allow AVANGRID to leverage human capital, supply chain synergies, and project execution experience across Renewables. With critical milestones for our offshore wind projects approaching, Miranda’s key experience in the wind turbine industry, and his successful asset optimization of AVANGRID’s onshore wind business, ensures we have strong consolidated leadership.”

— Pedro Azagra, AVANGRID CEO