AVANGRID Statement on Progress of Clean Energy Investments in Massachusetts


Orange, Connecticut, December 16, 2022–(BUSINESS WIRE)–Avangrid (NYSE: AGR), a leading sustainable energy company and part of the Iberdrola Group, today announced a clean energy investment and Commonwealth Wind The company issued the following statement regarding the future path of the power generation project.

“We are proud that our joint venture, the US-leading Vineyard Wind 1 project, will bring 800 megawatts (MW) of offshore wind power to Massachusetts and create 3,600 jobs. Achieved significant milestones, including securing GE Haliade’s base-X turbines, receipt of all federal, state and local permits, and commencement of installation of subsea cables.First on grid in late 2023 It is expected to deliver power and achieve commercial operation in 2024. And recently announced that AVANGRID will take the lead in project operation and maintenance, leveraging its global expertise to become the first offshore O&M in the United States. Becoming an Operator Vineyard Wind 1 is a turning point moment for the United States and we are proud to launch a new American clean energy industry that will create thousands of jobs, improve energy security, and address the climate emergency. help you deal with

In addition to Vineyard Wind 1, AVANGRID has also invested in the New England Clean Energy Connect (NECEC) hydroelectric line and the Commonwealth Wind project, bringing the total proposed investment in the region to $10 billion. Massachusetts is achieving national-leading goals for climate change and clean energy. We continue to fight existing energy interests, including opposition to fossil fuels, to advance the 1200 MW cost-effective NECEC hydropower project.

For Commonwealth Wind, Massachusetts meets climate change goals, sets cost-effective prices for rate bearers, and stimulates economic development, including the redevelopment and development of Salem Harbor as an offshore wind marshalling port. We know how important this project is to A view of the cable manufacturing facility in Brayton Point. We are funding this project to provide 1,200 MW of emissions-free, cost-effective energy resources to help Massachusetts meet its climate legislation and 2030 goals. and have a path to being able to build on it. To address a variety of issues such as supply chain disruptions, historic levels of inflation and rising interest rates, AVANGRID has addressed these challenges and the need to bring the project back to an economically viable state. We have had honest and productive discussions with state officials. AVANGRID has invested millions of dollars in permitting and developing the project and appreciates their involvement in finding a way forward for the project. As building the Commonwealth Wind remains our goal, AVANGRID is disappointed that the distribution company has refused to engage immediately in this matter.

In order to move this project forward as quickly as possible, AVANGRID today submitted a motion to the DPU to reject the review of the Commonwealth Wind Contract. In the forthcoming offshore wind request scheduled for April 2023. This step will enable us to build clean energy projects to meet the energy needs of the Commonwealth through a competitive process that describes unprecedented change. AVANGRID is committed to bidding Commonwealth Wind to its solicitation and, given the stage of the project and its inherent advantages, will address the current economic challenges facing the project and find the most cost-effective We have the utmost confidence in being able to offer high pricing. A great timeline for helping Massachusetts meet its ambitious 2030 climate goals. And create thousands of jobs and opportunities for transformative economic development.

I thank the Baker administration, the Office of the Attorney General, and the administration of Governor-elect Maura Healy for their work on behalf of the people of the Commonwealth. We are proud of the great partnership we forged in working with the State of Massachusetts to launch the nascent offshore wind industry for the United States. future. “

About Avantgrid: AVANGRID, Inc. (NYSE: AGR) aims to become America’s leading sustainable energy company. Headquartered in Orange, Connecticut, with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two major business units: 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 power generation facilities across the United States. AVANGRID employs over 7,000 people and was recognized as one of the JUST 100 companies in 2021 and 2022 by JUST Capital, a ranking of America’s best corporate citizens. . In 2022, AVANGRID ranked him second in the Public Utilities sector for its commitment to the environment and the communities it serves. The company supports the United Nations Sustainable Development Goals and in 2022 he was named the World’s Most Ethical Company for the fourth year in a row by the Ethisphere Institute. For more information, please visit www.avangrid.com.

About Iberdrola: Iberdrola is one of the world’s largest energy companies, a leader in renewable energy and leading the transition to a low-carbon energy economy. This group supplies energy to nearly 100 million people in dozens of countries. Focused on renewable energy, smart networks and smart solutions for his customers, Iberdrola’s main markets include Europe (Spain, UK, Portugal, France, Germany, Italy, Greece), USA, Brazil, Mexico, Includes Australia. The company also has presence in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland.

With approximately 40,000 employees worldwide and over €141.7 billion in assets, Iberdrola supports 400,000 jobs across its supply chain and raises €12.2 billion annually. Iberdrola, a benchmark in the fight against climate change, has invested €130 billion over the past 20 years to help build a sustainable energy model based on sound environmental, social and governance (ESG) principles. I have invested more than

View source version at businesswire.com: https://www.businesswire.com/news/home/20221216005463/en/

contact address

media:
Kim Harriman
kimberly.harriman@avangrid.com
203-343-4481



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