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AVANGRID Applauds Announcement of New York Bight Offshore Wind Auction
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Rhea-AI Summary
AVANGRID (NYSE: AGR) expressed support for the upcoming auction by the Bureau of Energy and Ocean Management for offshore wind lease areas in the New York Bight, scheduled for February 23, 2022. With a robust offshore wind project portfolio of 4.9 GW, including projects like Vineyard Wind 1 and Commonwealth Wind, AVANGRID aims to advance clean energy and community benefits. The company emphasizes its commitment to sustainable energy development, workforce initiatives, and marine protections as integral to its project execution.
Positive
AVANGRID has a strong offshore wind project portfolio of 4.9 GW.
Participation in the February 23 auction may enhance growth opportunities.
The company emphasizes community and economic benefits through its projects.
Negative
None.
ORANGE, Conn.--(BUSINESS WIRE)--
AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, released the following statement regarding the announcement that the Bureau of Energy and Ocean Management (BOEM) plans to hold an auction on February 23, 2022 for offshore wind lease areas in the New York Bight.
“As a leader in offshore wind, AVANGRID applauds the much anticipated announcement for a public auction for lease areas within the New York Bight,” said Dennis V. Arriola, CEO of AVANGRID. “Given our 4.9 GW off-shore wind project portfolio, we look forward to participating in this historic auction. We have a strong track record of developing projects that incorporate all stakeholders and community interests in a way that brings not only clean energy benefits, but also sustainable economic and societal benefits through project labor agreements, workforce and supply chain development, and marine mammal protections.”
About Avangrid Renewables Offshore Wind Portfolio
Vineyard Wind 1: a 50/50 joint venture with Copenhagen Infrastructure Partners and the first commercial scale U.S. Offshore Wind Project. The project began onshore construction last year and when completed will deliver 800 MW to Massachusetts customers.
Park City Wind: an 804 MW project that will deliver clean energy to Connecticut customers while revitalizing Bridgeport’s waterfront as home to the project’s office and transition piece staging and operations and maintenance port.
Commonwealth Wind: a groundbreaking 1232 MW project that will deliver clean energy to Massachusetts customers. The project supports historic economic development investments in the Commonwealth, including a tier I cable manufacturing facility and the Commonwealth’s second offshore wind port in Salem, MA.
Kitty Hawk Offshore Wind: a 2,500 MW development project off the coast of North Carolina and Virginia. The project can deliver clean energy to both states and has received its notice of intent to proceed with permitting from the Bureau of Ocean Energy Management.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 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.
Forward-Looking Statements
Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),” “forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our the impacts of the Vineyard Wind restructuring, the expected benefits of the Vineyard Wind restructuring, our offshore wind pipeline, the expected timetable for completing offshore wind projects, the ability to recruit and retain a highly qualified and diverse workforce in the competitive labor market, future opportunities, plans, objectives and intentions, outlooks or other future financial or business performance, strategies or expectations, results of operations or financial condition of the business and other statements about future events or performance. Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in our reports filed with the SEC, and we encourage you to consult such disclosures.
