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02/10/2022

Security Limits Case Against AVANGRID Voluntarily Dismissed

Security Limits Case Against AVANGRID Voluntarily Dismissed

ORANGE, Conn. — February 10, 2022 — AVANGRID, Inc. (AGR: NYSE), a leading sustainable energy company, today announced that Security Limits, Inc. has voluntarily dismissed its case in the U.S. District Court for the Southern District of New York against AVANGRID, its major shareholder Iberdrola, S.A., and all other defendants. Security Limits never provided any evidence or sworn testimony to support its case and has failed to answer or dispute charges of defamation and extortion. 

“As we’ve said from the start, these claims have no merit and today’s action by Security Limits validates this,” said Robert Kump, AVANGRID President and Deputy CEO. “Critics of AVANGRID seized on these unverified allegations in a rush to judgment, disregarding AVANGRID’s well-documented and independently-recognized compliance and ethics culture, system and practices.”

While the New York case against AVANGRID is over, AVANGRID continues to pursue claims in New Mexico state court against Security Limits and its founder Paolo Silva for defamation and tortious interference. In the suit, AVANGRID lays out how Security Limits, a disgruntled former Avangrid Networks sub-contractor, endeavored to extort AVANGRID into giving it work opportunities. When AVANGRID refused to do so, Security Limits defamed AVANGRID during the public comment periods before the New Mexico Public Regulation Commission, which was considering AVANGRID’s merger with PNM Resources.

“Mr. Silva’s statements about our company during the New Mexico Public Regulation Commission public comment periods were false and damaging to our company’s reputation,” Mr. Kump added. “AVANGRID prides itself on being an ethical, responsible company. We do not take false accusations against us lightly, and we will continue to seek relief against Security Limits and Silva to the fullest extent of the law.”

It is important to note that there was no settlement between the parties, and AVANGRID and Iberdrola paid no money to Security Limits. Security Limits dismissed the New York case voluntarily.

AVANGRID has been recognized as one of the World’s Most Ethical Companies by the Ethisphere Institute for three consecutive years.

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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