AVANGRID Affirms Commitment to Protect Ocean Resources, Signs United Nations Sustainable Ocean Principles

Rhea-AI Summary

AVANGRID (NYSE: AGR) has signed the United Nations Global Compact Sustainable Ocean Principles, committing to sustainable and responsible ocean energy projects. This aligns with their ongoing efforts to advance offshore wind power in the U.S., with a projected pipeline of 5 GW capable of powering over 2 million households. The company emphasizes the integration of ocean-related risks into its corporate strategy. AVANGRID's CEO highlighted their dedication to environmentally responsible practices in offshore wind development, furthering their commitment to ocean resource preservation.

Positive

• AVANGRID's commitment to the UN Sustainable Ocean Principles, enhancing its reputation in sustainable energy.
• Projected offshore wind pipeline of 5 GW, enough to power over 2 million households, indicating strong business growth.
• Active participation in global discussions on ocean energy, positioning AVANGRID as a leader in the offshore wind industry.

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• None.

ORANGE, Conn.--(BUSINESS WIRE)-- AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, and part of The IBERDROLA Group, today announced it has signed on to the United Nations Global Compact Sustainable Ocean Principles, affirming its commitment to advancing sustainable and responsible ocean energy projects that accelerate the transformation to a cleaner and more resilient energy system. The framework, which was also signed by IBERDROLA and over 150 international businesses across various industry sectors, outlines responsible business practices for ocean activities and processes, including the development of offshore wind power.

“As we pioneer the offshore wind industry in the United States, AVANGRID is proud to join IBERDROLA and stand with the international community to reinforce our ongoing commitment to protect and preserve our ocean resources,” said Pedro Azagra, CEO of AVANGRID. “Through every stage of the development process, we have worked diligently to ensure that these historic offshore wind projects are built in an environmentally responsible manner that safeguards critical ecosystems and marine life, and in committing to this framework our company renews our promise to uphold these fundamental values.”

In signing the Sustainable Ocean Principles, AVANGRID commits to ensuring that material ocean-related risks and opportunities are integrated into its corporate strategy, risk management and reporting, and to taking action to promote the well-being of the ocean for current and future generations. The nine principles outline specific actions to safeguard Ocean Health and Productivity, ensure responsible Governance and Engagement, and promote Data Sharing and Transparency.

In January 2022, AVANGRID announced the completion of the restructuring of its existing Vineyard Wind joint venture to become the largest offshore wind supplier in New England. In total, AVANGRID has a projected offshore wind pipeline of 5 Gigawatts (GW) on the East Coast of the United States – enough to power more than two million households. In addition to its 50% stake in the first-in-the-nation Vineyard Wind 1 project (800 MW total), AVANGRID owns 100% of Commonwealth Wind (1200 MW to Massachusetts), Park City Wind (804 MW to Connecticut) and Kitty Hawk Wind (2500 MW off the coast of North Carolina).

The United Nations Global Compact has identified the development of clean renewable offshore energy such as offshore wind as a foundation of the societal transition toward a lower carbon future and a reduction in ocean and atmospheric pollution.

Building on its commitment to the Sustainable Ocean Principles, AVANGRID is attending the 2022 U.N. Ocean Conference, which seeks to propel much needed science-based innovative solutions aimed at starting a new chapter of global ocean action. Jay Borkland, AVANGRID’s Director of U.S. Ports & Supply Chain and an internationally-recognized expert on offshore wind port development, is participating in several panel discussions focused on infrastructure, decarbonization, and ocean-based climate solutions.

In November 2021, AVANGRID committed to United Nations (UN) Global Compact, the world's largest corporate sustainability initiative. In making this commitment, AVANGRID joined thousands of other companies from around the world in demonstrating its support for the development, implementation and disclosure of responsible business practices focused on a clean and just energy transition.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading sustainable energy company transitioning America toward a clean and connected future headquartered in Orange, CT, and has a footprint in 24 states with $40 billion in assets. Our primary businesses are Avangrid Networks, which serves 3.3 million electric and natural gas customers in the Northeast, and Avangrid Renewables, the third-largest renewable energy company in the U.S. with a diverse onshore and offshore renewable energy portfolio. With more than 7,000 employees, AVANGRID has built a culture that blends diversity, equity and inclusion guided by the company’s ESG+F framework and the UN Sustainable Development Goals. This has led to recognition by JUST Capital in 2021 and 2022 as one of America’s best corporate citizens and second in utilities for our commitment to the environment and the communities we serve. AVANGRID has been named one of the World’s Most Ethical Companies for three consecutive years by the Ethisphere Institute.

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, the company posted revenues of €39 billion and a net profit of over €3.9 billion in 2021. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220630005806/en/

Craig Gilvarg

(857) 998-1130 or craig.gilvarg@avangrid.com

Source: AVANGRID, Inc.

FAQ

What does AVANGRID's commitment to the Sustainable Ocean Principles mean for their future projects?

AVANGRID's commitment to the Sustainable Ocean Principles indicates a focus on sustainable and environmentally responsible practices in their ocean energy projects, particularly in offshore wind.

How much offshore wind power capacity does AVANGRID project to develop?

AVANGRID has a projected offshore wind pipeline of 5 Gigawatts (GW), which can power over 2 million households.

What role does AVANGRID play in the U.S. offshore wind industry?

AVANGRID is a key player in the U.S. offshore wind industry, with significant investments and projects like Vineyard Wind, Commonwealth Wind, and Kitty Hawk Wind.

When did AVANGRID announce its commitment to the United Nations Global Compact?

AVANGRID committed to the United Nations Global Compact in November 2021, joining a global initiative focused on corporate sustainability.

How is AVANGRID ensuring environmental safety in its offshore projects?

AVANGRID integrates ocean-related risks into its corporate strategy and emphasizes environmentally responsible development in its offshore wind projects.