Climate Changed
Worst Winds in Decades Deal New Earnings Blow to Power Suppliers
- Avangrid slumps the most in two months on weaker production
- Plains states wind output down 4 percent despite new farms
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The weakest breezes in decades are dealing yet another blow to wind power generators’ earnings.
Avangrid Inc. posted $217 million in net income for the first quarter, down from $244 million a year earlier, citing low production from its wind farms. Two days earlier, renewable-energy giant NextEra Energy Inc. similarly said slow breezes shaved 10 cents a share off the earnings from its power plants. That’s after the company reported the worst fourth quarter for wind resources on record.