Avangrid Champions Environmental Stewardship on World Environment Day

Rhea-AI Summary

Avangrid, a sustainable energy leader and part of the Iberdrola Group, marked World Environment Day by highlighting its environmental initiatives and investments. In 2023, Avangrid's renewable energy production reduced over 7.7 million tons of CO2, equivalent to removing 1.6 million gas-powered cars from the road for a year. The company operates 8.8 gigawatts of emissions-free capacity, focusing on onshore wind, solar, and pioneering offshore wind in the U.S.

Avangrid's environmental efforts include restoring the Kennebunk Plains in Maine, improving butterfly habitats in New York, planting trees across Connecticut, and supporting California condor recovery via a conservation plan with the USFWS and the Oregon Zoo. These initiatives align with Avangrid's Biodiversity Policy to enhance ecosystems and achieve a net positive impact by 2030.

Positive

• Renewable energy production in 2023 reduced over 7.7 million tons of CO2.
• Equivalent to removing 1.6 million gas-powered cars from the road.
• Operates 8.8 gigawatts of emissions-free installed capacity.
• Leader in onshore wind and solar generation in the U.S.
• Pioneering offshore wind industry in the U.S.
• Restoration of Kennebunk Plains in Maine, improving habitat and water quality.
• Conservation efforts for monarch butterflies in New York.
• Tree planting initiatives in Connecticut to enhance sustainability.
• Support for California condor recovery, successfully rearing 12 condors.

Negative

• No mention of financial performance or revenue impacts.
• PR heavily focused on environmental actions without detailed business metrics.
• Lack of specifics on cost implications and return on investment for environmental projects.

Recognizes efforts from its Networks and Renewables businesses to preserve and protect the environment

Company’s 2023 renewable energy production reduced more than 7.7 million t CO₂ eq

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, is celebrating World Environment Day today by recognizing the many initiatives and investments by its Networks and Renewables businesses to preserve, protect and restore the environment. Held annually on June 5, World Environment Day puts a global spotlight on pressing environmental challenges and aims to inspire people from around the world to create positive change in the environment.

“Today is a great opportunity to reflect on the importance of environmental conservation, and remember that every step counts,” said Pedro Azagra, Avangrid CEO. “I’m very proud of the proactive actions taken by our Avangrid team, in partnership with Iberdrola, to lead the charge towards a more sustainable future. Preserving and protecting the environment is not just a responsibility; it’s an opportunity to create a better world for future generations. Together, we can make a difference for our planet.”

Avangrid is one of the leading onshore wind and solar generators in the United States and is pioneering the country’s offshore wind industry. Currently, the company operates 8.8 gigawatts (GW) of emissions-free installed capacity. In 2023, that renewable energy production translated to a reduction of more than 7.7 million t CO₂ eq. According to the United States Environmental Protection Agency, this is the equivalent of taking more than 1.6 million gas-powered cars off the road for a year.

In addition to its renewable energy production, as part of its efforts to promote environmental stewardship, Avangrid has a Biodiversity Policy to ensure the company preserves biological diversity and natural ecosystems as it continues to create a more sustainable energy future. To better protect and enhance biodiversity, Avangrid supports Iberdrola’s Biodiversity Plan goal of achieving a net positive impact on the ecosystems where the company operates by 2030.

Currently, Avangrid’s ongoing efforts to preserve, protect and restore the environment include:

• Restoring and Protecting Kennebunk Plains in Maine: Central Maine Power (CMP), along with local partners, are addressing severe soil erosion occurring on a segment of a CMP powerline corridor in the Kennebunk Plains, a state-owned refuge located within the Branch Brook Watershed, a source of municipal drinking water. As part of the project, CMP worked with its stakeholder partners to restore and stabilize eroded areas along the 1.2-mile segment length. Benefits to the community include restoration of fragile land area, the arrest and control of further erosion to assist in limiting the negative impact on water quality and improved habitat conditions by limiting motorized vehicle access within this fragile area.
• Improving Butterfly Habitat Across Upstate New York: New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E) are helping preserve habitat for monarch butterflies through a voluntary conservation program with U.S. Fish and Wildlife Service. Through this program, NYSEG and RG&E are implementing practices like mowing brush to enable nectar plants like milkweed to thrive to support the well-being of monarch butterflies, which play a vital role in the health of ecosystems and global food crop production.
• Donating and planting trees across Connecticut: United Illuminating (UI) is carrying out a year-long campaign to collaborate with municipal leaders in its 17 towns and cities to provide $1,000 per town to fund the tree-planting initiative. During the campaign, UI officials will reinforce the company’s public safety initiative to plant the right tree in the right place to improve electric reliability and prevent tree-related outages while promoting sustainability and combatting climate change.
• Funding recovery efforts for the endangered California Condor: Avangrid developed a first-of-its-kind conservation plan in close collaboration with the USFWS and the Oregon Zoo to fund a full-time employee at the zoo’s condor breeding facility to support the captive rearing of six California condors to mitigate the potential impacts of the company’s Manzana Wind Power Project. Funding from the company supported the successful rearing of 12 condors, 10 of which were releasable in 2022 and 2023. Additionally, the company’s philanthropic arm, the Avangrid Foundation, supports the Oregon Zoo’s Jonsson Center for Wildlife Conservation to support California condor recovery efforts.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $45 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital as one of the JUST 100 companies – a ranking of America’s best corporate citizens – in 2024 for the fourth consecutive year. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240605186359/en/

Media Contact:

Sarah Warren

sarah.warren@avangrid.com

585-794-9253

Source: AVANGRID, Inc.

FAQ

What did Avangrid achieve in terms of CO2 reduction in 2023?

Avangrid's renewable energy production in 2023 led to a reduction of more than 7.7 million tons of CO2.

How much emissions-free capacity does Avangrid operate?

Avangrid operates 8.8 gigawatts of emissions-free installed capacity.

What are some of Avangrid's environmental initiatives?

Avangrid's initiatives include restoring Kennebunk Plains in Maine, improving butterfly habitats in New York, planting trees in Connecticut, and supporting California condor recovery.

What is the impact of Avangrid's renewable energy production on gas-powered cars?

The 2023 renewable energy production is equivalent to taking more than 1.6 million gas-powered cars off the road for a year.

How is Avangrid contributing to butterfly habitat improvement?

Avangrid, through NYSEG and RG&E, is preserving monarch butterfly habitats by implementing conservation practices in New York.

What are Avangrid's efforts in tree planting?

Avangrid's United Illuminating is collaborating with 17 towns and cities in Connecticut to plant trees and improve electric reliability.

How is Avangrid involved in California condor recovery?

Avangrid, with the USFWS and Oregon Zoo, developed a conservation plan, funding the rearing of 12 condors at the Oregon Zoo.