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02/25/2022

Avangrid Renewables Statement On Federal New York Bight Offshore Wind Auction

Avangrid Renewables Statement On Federal New York Bight Offshore Wind Auction

ORANGE, CT – February 25, 2022  – Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), released the following statement regarding the results of auction for offshore wind lease areas in the New York Bight announced by the Bureau of Ocean Energy Management (BOEM) on February 25, 2022.

“As a national offshore wind leader, Avangrid Renewables took a strategic and disciplined approach to the New York Bight auction that aligned with our overall long-term business objectives,” said Bill White, President and CEO of Avangrid Renewables Offshore. “With our existing 4.9 Gigawatt (GW) portfolio of offshore wind projects, Avangrid Renewables entered the auction in a unique position as an already-established market leader, and made the determination that the bid prices of the lease areas did not correspond with the strategic goals of our renewables portfolio. Avangrid Renewables remains committed to the offshore wind market in New York and New Jersey, and will continue to explore opportunities to bring our deep experience and record of delivering transformational local supply chain investments to the region. As the United States pursues an ambitious 30 GW offshore wind goal by 2030, Avangrid Renewables is playing a critical role through the development of our robust portfolio of nation-leading offshore wind projects, and will carefully consider new market opportunities as they emerge.”

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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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