Avangrid Renewables Statement on Federal New York Bight Offshore Wind Auction

ORANGE, Conn.--(BUSINESS WIRE)--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.”

About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 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 JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second 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.