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03/06/2024

Avangrid Joins JUST Capital and PayPal’s Worker Financial Wellness Initiative

Avangrid Joins JUST Capital and PayPal’s Worker Financial Wellness Initiative

Company continues to prioritize employees’ financial security and health with its diverse benefits portfolio including leading 401(k) employer match, paid parental leave, and student loan repayment program

ORANGE, Conn. — March 6, 2024 — Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, is continuing to prioritize their employees’ financial security and health by joining The Worker Financial Wellness Initiative by JUST Capital and PayPal. The Initiative, established in collaboration with the Financial Health Network and Good Jobs Institute, offers resources to help companies assess and improve workers’ financial health.

“We want to be a company that attracts top talent to build long-term careers,” said Pedro Azagra, Avangrid CEO. “We do this by not only helping our employees grow professionally, but also supporting their well-being. The Worker Financial Wellness Initiative will cement us as a benefits leader and help us continue to enhance our programs and resources.” 

The Worker Financial Wellness Initiative was launched in 2020 and engages directly with corporate leaders to promote the business value of financial health investment and empower them to perform worker financial health evaluations. Today, the initiative includes companies such as Chipotle, Chobani, Even, Prudential Financial, Synchrony, and Verizon, representing one million American workers. Since joining the initiative, participating companies have expanded and enhanced benefits, increased wages, created new ownership opportunities, and more.  

Joining this initiative builds upon Avangrid’s commitment to caring for its people by providing diverse, equitable, and inclusive benefits that focus on their total health—physical, emotional, mental, and financial. This includes providing a leading 401(k) employer match, paid parental leave, comprehensive employee assistance program (EAP), and fertility and family forming benefits. Avangrid has also continued to expand its holistic benefits package by recently launching new programs such as a student loan debt repayment benefit, an emergency savings program, and mandatory financial training. 

“Now is the right time to take our benefits to the next level by focusing on individual wellness,” said Kyra Patterson, chief human resources officer at Avangrid. “By leveraging data, we can take a more granular and personalized approach to the benefits we offer to take care of our employees. The Worker Financial Wellness Initiative will help us take this next step by leveraging research, tools, and a diverse network of subject matter experts dedicated to optimizing employee health and well-being outcomes.” 

Tolu Lawrence, Chief Impact Officer at JUST Capital, an independent nonprofit dedicated to demonstrating how just business – defined by the priorities of the American public – is better business, noted that Avangrid’s participation in this insightful network of executives is monumental. 
“Our polling of the nation’s public shows time and again that Americans of all backgrounds want CEOs to prioritize investing in workers,” said Lawrence. “And our research shows that companies that prioritize the well-being of their workers out-perform those that don't. Avangrid is on a journey that will not only deeply impact the lives of its workers, but also has the potential to inform the trajectory of the energy industry at large. We look forward to welcoming them into the network and collaborating with our partners to drive impact with Avangrid and for its workers.” 

Sarah Kalloch, executive director of The Good Jobs Institute echoed the sentiment, saying, “Research has shown how meaningful investment in employees can create productive, engaged, and motivated workforces that not only create better lives for workers, but also deliver real, sustained value for customers and shareholders. We are excited to support Avangrid on this journey.”  
 

About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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