Press Releases
11/02/2018
AVANGRID’s Torgerson Highlights New England Clean Energy Projects
AVANGRID’s Torgerson Highlights New England Clean Energy Projects
Projects Expected To Provide 2GW of Renewable Energy and Provide Thousands of Jobs
BOSTON, Mass. — Nov. 2, 2018 — New England is embracing the opportunity to be a national clean energy pioneer, AVANGRID, Inc. (NYSE: AGR) CEO James P. Torgerson told North American energy industry leaders on Friday.
Speaking at the New England-Canada Business Council’s 26th Annual U.S.-Canada Energy Trade & Technology Conference, Torgerson highlighted the Orange, Connecticut-based company’s two major projects designed to inject a combined 2 gigawatts of renewable energy into the New England power grid and create thousands of jobs.
“AVANGRID is investing in a cleaner, smarter energy future — both here in New England and nationally,” said Torgerson. At the conference, Torgerson provided an introduction for the keynote speaker, former U.S. Secretary of Energy Dr. Ernest J. Moniz.
Torgerson said Vineyard Wind, a 50/50 joint venture of Avangrid Renewables and Copenhagen Infrastructure Partners (CIP), is poised to build the nation’s first large-scale offshore wind farm off the coast of Massachusetts, pending approvals. He discussed the synergy between Vineyard Wind and another pending AVANGRID project: the New England Clean Energy Connect proposal to transport 1,200 megawatts of hydropower from the Canadian border to the New England power grid.
“These projects present clear synergies,” Torgerson said. “When Vineyard Wind is fully operational in 2022, it will provide 800 megawatts of clean, offshore wind energy for the New England power grid at a competitive cost. The New England Clean Energy Connect proposal to transport 1,200 megawatts of hydropower from Canada to the New England power grid would complement Vineyard Wind delivering a diverse supply of reliable, renewable power for the region.”
Torgerson said the two projects remain on-track, and expressed confidence they will secure necessary approvals in 2019 and reach required commercial operations consistent with Massachusetts contracts. Vineyard Wind is expected to create approximately 3,600 full-time jobs over the life of the project, while New England Clean Energy Connect is projected to support an average of 1,700 jobs annually through 2022.
Viewed together, Torgerson said, these multi-billion-dollar investments show how AVANGRID is helping to meet growing demand for renewable energy while spurring development of the nation’s emerging offshore wind industry. Avangrid Renewables recently secured a lease with the U.S. Bureau of Ocean Energy Management allowing the company to develop an offshore wind facility on 122,000 acres off the coast of Kitty Hawk, North Carolina. Multiple U.S. states have announced RFPs seeking to bring more renewable energy to their power grids.
“We’re seeing thoughtful and pragmatic approaches by at least a half dozen states in the Northeast and Mid-Atlantic who are trying to build the market, attract the supply chain, work with stakeholders, and train workers — all of which sets the cornerstone for future growth,” Torgerson added.
Torgerson said both AVANGRID and CIP are well-positioned to help kick-start the development of offshore wind in the United States. As part of the global Iberdrola Group, AVANGRID has access to Iberdrola’s expertise and experience in building offshore wind facilities, such as the 350-megawatt Wikinger Offshore Wind Farm in Germany, which began operations last month.
“There are unquestionably tremendous long-term economic opportunities available in the United States for the first movers as the wind industry heads offshore, and the competition to go first or be first will deliver jobs and supply chain benefits for decades, as well as increasingly competitive energy prices for customers,” Torgerson said. “The biggest challenge will be to create the supply chain — AVANGRID and CIP can leverage our European experience and match it with local companies so that the industry can capitalize on existing infrastructure and overseas expertise.”
# # #
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.
