- UI’s 2022 unaudited distribution net income fell by -19%, while total net income decreased -10% year-over-year
- AVANGRID invested $400 million in Connecticut infrastructure, customers, and communities through UI, SCG, CNG
- UI made shareholder funding available to advance urgent relief package, including $40 direct assistance monthly for financial hardship customers January-April; directed $3.3 million to Operation Fuel to support its customer assistance efforts
ORANGE, Conn. – Tuesday, February 21, 2023 – United Illuminating today issued the following statement regarding the 2022 earnings results disclosed on Tuesday, February 21, 2023.
“The past year presented significant challenges at the local level for United Illuminating. The challenging macro-economic environment of the past year, and the aggregate impact of inflation, rising interest rates, supply chain shortages, and cost of labor, resulted in UI’s unaudited distribution net income falling by -19%, while its total net income decreased -10% year-over-year. While overall revenues increased, this was driven by a substantial increase in energy supply costs set by out-of-state generation companies, which we collect on behalf of our customers by law, then are used to pay the supply providers at no markup or profit to our business. Despite the challenging economic environment, AVANGRID reinforced its commitment to Connecticut by investing nearly $400 million in local infrastructure, customer service, and community impact through UI, SCG and CNG over the past year, building on its deep and longstanding commitment to the state. Just as we have seen the impacts on our own business, we also know the past year has seen rising costs on households across the communities we serve, and we understand the impact this continues to have on our customers. That is why UI demonstrated a steadfast commitment, and acted with urgency, to help our customers manage the historic increases in energy supply costs this winter, working with state and regulatory leaders to advance a vital relief package, through shareholder funds, that is providing $40 monthly in direct assistance to customers enrolled as financial hardship between January-April, while also directing $3.3 million to Operation Fuel to support its efforts to assist Connecticut families in need. The hardship facing Connecticut families this winter emphasizes the urgent need to accelerate the energy transition, and the significant investments in grid modernization and innovation required to hasten a clean energy future and address our reliance on volatile global fossil fuel markets. UI remains committed to advocating on behalf of our customers, calling upon the companies profiting from these increases to join us in providing direct financial relief to those bearing the burden of these costs, and keeping our eyes on the long-term needs of our communities. We look forward to building on our partnership with the Lamont Administration, DEEP, PURA, Attorney General Tong, and the General Assembly to help the state meet its ambitious goals by investing in our infrastructure, our customers, and a better future for Connecticut families.”
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About UI: The United Illuminating Company (UI) is a subsidiary of AVANGRID, Inc. Established in 1899, UI operates approximately 3,600 miles of electric distribution lines and 138 miles of transmission lines. It serves approximately 341,000 customers in the greater New Haven and Bridgeport areas of Connecticut. UI received the Edison Electric Institute’s Emergency Response Award in 2019 and 2021. For more information, visit www.uinet.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.