AVANGRID Inc.

04/19/2021 | Press release | Distributed by Public on 04/19/2021 12:44

AVANGRID Highlights Clean & Connected Business Strategy in 2020 Sustainability Report

Press Releases

04/19/2021
AVANGRID Highlights Clean & Connected Business Strategy in 2020 Sustainability Report

Pandemic recovery, social investment, offshore wind development and a proposed merger reaffirms commitment to clean energy investments and supporting communities

ORANGE, Conn. - April 19, 2021 - AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, today released its 2020 Sustainability Report. The 2020 Sustainability Report, titled 'Clean & Connected,' tracks AVANGRID's sustainability performance across environmental, social, governance and financial performance. This ESG+F sustainability strategy is a better and balanced way to do business, benefitting our customers, employees, communities and shareholders.

'Amid the extraordinary events of 2020, challenges became opportunities, while the resilient character of our company and industry helped communities begin to recover,' said Dennis V. Arriola, CEO of AVANGRID.

'Together, we are emerging stronger than ever,' Arriola added. 'The challenges we have faced over the last year have made clear the importance of investing in our future today, and that through innovation and working together, we can accomplish amazing things. We are optimistic and AVANGRID is in a solid position to lead the way forward.'

Among the 2020 achievements highlighted in the report:

  • Avangrid Renewables, the third largest U.S. wind operator, continued to add new clean energy generation capacity to the grid, completing construction of three new wind projects with a total capacity of nearly 620 megawatts (MW).
  • In 2020, the company's joint venture Vineyard Wind project with Copenhagen Infrastructure Partners made significant progress toward delivering clean energy to Massachusetts. Set to become the first U.S. commercial offshore wind project when it begins operation, the project announced it will use GE's Haliade-X wind turbine generators, the most powerful offshore wind turbine to date.
  • During 2020, Avangrid Renewables executed over 750 MW of new power purchase agreements, and added 366 MW of generation capacity through repowering and extending the life of existing facilities while maximizing clean power generation.
  • The New England Clean Energy Connect (NECEC) transmission project, which will deliver 1,200 MW of hydropower from Québec to the New England power grid, continues to move forward, achieving important regulatory approvals. The proposed project, undertaken in partnership with Hydro-Québec, is expected to reduce regional CO2 emissions by 3.0-3.6 million metric tons - the equivalent of taking at least 700,000 cars off the road.
  • During 2020, Avangrid Networks invested $1.9 billion completing several projects, including three new substations, and implementing an investment of $145 million in system automation and technology upgrades.
  • AVANGRID was recognized on Forbes and JUST Capital 2021 JUST 100 List, a list of America's best corporate citizens, ranking number one within the utility industry for its commitment to the environment and the communities it serves.

A section of the 2020 Sustainability Report captures AVANGRID's pandemic response. AVANGRID and the Avangrid Foundation committed $2.5 million to national and regional organizations doing critical work on the pandemic's front lines. The Foundation's donations formed part of the larger response provided to directly support communities served by the company's eight Northeast utilities and Avangrid Renewables. The company's electric and gas utilities also suspended shut-offs for nonpayment and late payment penalties as they work with regulators and lawmakers to find ways to mitigate the pandemic's impact.

AVANGRID has been named among the World's Most Ethical companies by Ethisphere in 2019, 2020 and 2021, and is among the cleanest U.S. energy companies, operating one of the nation's largest renewable fleets with 90% of emissions-free generation capacity.

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About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies - a list of America's best corporate citizens - and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.'s Sustainable Development Goals and was named among the World's Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.