Avangrid earnings from renewables rose 21% to $121m in the first half of 2018, up from $100m in the same period last year.
The company said the rise was down to new capacity coming online, income from collateral received for two contracts relating to a counterparty bankruptcy proceeding and a lower federal tax rate.
However, transmission-related issued at two unnamed new wind farms, less favourable mark-to-market adjustments and expiring production tax credits partly offset the improved showing, the company said.
Avangrid said it now has almost 6.5GW of installed wind and solar capacity, up from just over 6GW at the same time last year.
A further 497MW of onshore wind and solar is under construction, the company added.
Overall, Avangrid posted earnings of $351m in the first six months of 2018, down from $359m last year.
Avangrid chief executive James Torgerson said: “For the first half of the year, we experienced some setbacks in earnings due to a number of minor non-deferrable storms and storm-related costs in networks, lower than our normal wind generation, and transmission-related interruptions at two of our wind farms.
“As we look to the remainder of the year, we will continue to focus on the execution of our capital investment plan as well as effectively managing our operating costs.”
Image: Avangrid
Avangrid green earnings rise 21%
By EBS