AVANGRID Joins CAISO’s Western Energy Imbalance Market as Its First Generation-Only Entity

Rhea-AI Summary

AVANGRID has joined the California Independent System Operator’s Western Energy Imbalance Market (WEIM) as the first generation-only entity. This milestone enhances the energy system across 11 Western states, utilizing nearly 2 GW of installed emissions-free capacity. The collaboration aims to improve operational efficiencies, ensuring affordable and reliable energy supply to customers. As a leading sustainable energy company, AVANGRID operates significant renewable energy assets in the U.S., serving over 3.3 million customers through its utilities. The company emphasizes its commitment to facilitating the country’s energy transition.

Positive

• AVANGRID joins the WEIM, enhancing energy system coordination across 11 Western states.
• Implements nearly 2 GW of emissions-free capacity, improving operational efficiencies.
• Strengthens its position as a leading renewable energy operator in the U.S.

Negative

• None.

As a partner, AVANGRID will support and strengthen the West’s energy system with almost 2 GW of installed emissions-free capacity from facilities that the company operates in the region

This collaboration will improve operational efficiencies to supply affordable, reliable energy to customers in the region

PORTLAND, Ore.--(BUSINESS WIRE)-- AVANGRID (NYSE: AGR), a leading sustainable energy company and part of the Iberdrola Group, today joined the California Independent System Operator’s (CAISO) Western Energy Imbalance Market (WEIM) as the first generation-only entity. As a WEIM market participant, AVANGRID will support and strengthen the energy system of 11 Western states with almost 2 GW of installed emissions-free capacity from facilities that the company operates in the region.

“Joining the WEIM as the first generation-only entity represents a meaningful milestone for the CAISO and for us, and we’re proud of the work that our team has done to help strengthen the West’s energy system,” said Pedro Azagra, CEO of AVANGRID. “As the third largest renewable energy operator in the U.S., we are proud to contribute to the country’s energy transition with clean, affordable, and reliable power.”

The WEIM is a real-time wholesale energy trading market that enables its participants in the West to buy and sell energy when needed and uses advanced market systems to find the lowest-cost option to serve customer demand in real time.

Regional coordination in generating and delivering the lowest-cost energy to participants, enhances reliability while providing environmental benefits by integrating renewable energy into the grid more efficiently.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 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 more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2023 for the fifth 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/20230405005634/en/

MEDIA:

Mariel Huerta

mariel.huerta@avangrid.com

475-234-9220

INVESTORS:

Alvaro Ortega

alvaro.ortega@avangrid.com

207.629.7412

Source: AVANGRID

FAQ

What is AVANGRID's role in the Western Energy Imbalance Market?

AVANGRID has become the first generation-only entity in the Western Energy Imbalance Market, contributing nearly 2 GW of emissions-free capacity.

How does AVANGRID aim to improve energy supply in the Western states?

AVANGRID's collaboration in the WEIM focuses on improving operational efficiencies to deliver affordable and reliable energy to customers.

Which states are affected by AVANGRID's participation in WEIM?

AVANGRID's participation supports the energy system of 11 Western states.

What are the benefits of AVANGRID joining the WEIM?

Joining WEIM enhances regional coordination, provides environmental benefits, and integrates renewable energy more efficiently into the grid.

What distinguishes AVANGRID as a renewable energy operator?

AVANGRID is recognized as the third largest renewable energy operator in the U.S., focusing on clean and affordable power.