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4-Traders Homepage  >  Equities  >  Nyse  >  Avangrid Inc    AGR

AVANGRID INC (AGR)
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Delayed Quote. Delayed  - 12/08 10:02:01 pm
52.13 USD   +0.91%
12/08 AVANGRID INC : ex-dividend day
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Avangrid : Gary Snell to remain on siting board

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10/04/2017 | 02:05pm CET

Oct. 04--PARISHVILLE -- Gary P. Snell will retain his seat as an adhoc member of the Board on Electric Generation Siting and the Environment for the North Ridge Wind Energy Project, according to a letter from Kathleen H. Burgess, the secretary of the siting board.

"I am very pleased," Mr. Snell said.

Avangrid, the company behind the North Ridge project, initially filed a motion on Sept. 5 to dismiss Mr. Snell from the board, a body to review one streamlined set of permits rather than a mix of local and state permits for new projects. The Siting Board has five permanent members, mostly state commissioners, and two ad hoc members from the community where the proposed electrical generation facility will be located.

Mr. Snell is the chairman of Concerned Citizens for Rural Preservation, an organization that opposes the construction of industrial wind turbines in Parishville and Hopkinton, where the North Ridge project is located. Because of this, Avangrid held that he had a conflict of interest.

Ms. Burgess wrote Mr. Snell after Avangrid's initial motion, saying that the board had no power to dismiss him and the decision to recuse himself was his own. Mr. Snell declined to recuse himself and remained on the board.

This prompted Avangrid to file a motion on Sept. 26, asking for a decision under the State Administrative Procedure Act, section 303. The law says "Upon the filing in good faith by a party of a timely and sufficient affidavit of personal bias or disqualification of a presiding officer, the agency shall determine the matter as part of the record in the case." Avangrid's lawyer stated that Mr. Snell, as an adhoc member of the board, met the definition of a presiding officer.

In a brief reply to Avangrid's motion on Tuesday, however, Ms. Burgess wrote "Mr. Snell is not a 'Presiding Examiner' as that term is defined in 16 NYCRR Section 1000.2(ad) as Mr. Snell was not appointed by the Department of Public Service. Therefore, the remainder of your assertions are inapplicable and the determination you request is not an appropriate action for the Department. As a result, the initial determination stands."

Mr. Snell has maintained throughout Avangrid's motions that he does not have a conflict of interest and is no more biased than any other member of the board.

"I am not anti-wind, or anti-green-energy, I am opposed to this project as it's been put forward by Avangrid in these two small communities," Mr. Snell said on Tuesday, while reiterating he was willing to listen to everyone who appeared in front of the board.

___

(c)2017 Watertown Daily Times (Watertown, N.Y.)

Visit Watertown Daily Times (Watertown, N.Y.) at www.watertowndailytimes.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2017 6 057 M
EBIT 2017 1 133 M
Net income 2017 690 M
Debt 2017 5 676 M
Yield 2017 3,32%
P/E ratio 2017 23,73
P/E ratio 2018 22,25
EV / Sales 2017 3,60x
EV / Sales 2018 3,60x
Capitalization 16 108 M
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 51,3 $
Spread / Average Target -1,7%
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Managers
NameTitle
James P. Torgerson Chief Executive Officer & Director
Anthony Marone President & Chief Executive Officer-UIL
José Ignacio Sánchez Galán Chairman
Richard J. Nicholas Chief Financial Officer & Senior Vice President
John L. Lahey Independent Non-Executive Director
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