Avangrid adjusted earnings from renewables fell to $47m in the first quarter of 2018, compared with $59m in the same period last year.
The company said benefits from improved wind production in the first three months of the year, were offset by “less favorable mark-to-market adjustments and the absence of positive discrete tax adjustments recorded in the first quarter of 2017”.
Production benefited from the addition of 534MW of wind and 56MW of solar power that came online in the last 12 months, Avangrid said.
Overall earnings at the company increased to $243m this year, compared with $227m in 2016, on the back of a stronger showing in the networks business.
Network earnings improved because of the implementation of multi-year rate plans in New York and Connecticut and improve cost management, Avangrid said.
Avangrid chief executive James Torgerson said: “Adjusted earnings improved primarily due to the implementation of our multi-year rate plans, increased wind production mainly from the 534MW of capacity that came online in 2017, and continued focus on operational excellence and best practices implementation.”
Image: Avangrid
Avangrid green earnings dip
By EBS