Avangrid Named a Leading Utility for Decarbonization by National Public Utilities Council

Rhea-AI Summary

Avangrid, Inc. (NYSE: AGR) ranks second overall among the country’s top 47 investor-owned utilities in National Public Utilities Council’s 2023 Utility Decarbonization Report. The report analyzes decarbonization efforts of the largest utilities, with Avangrid improving from fourth place in 2022. Avangrid scored highest in fuel mix, total carbon emissions, emissions per customer, and low-carbon investments.

Positive

• Avangrid's commitment to reach carbon neutrality for Scopes 1 and 2 emissions by 2030 aligns with Iberdrola's goals certified by the Science-Based Targets Initiative (SBTi).
• The company's emissions intensity has been at least six times lower than the U.S. power sector average since 2015, with a 28% reduction in CO2 emissions intensity for 2022 compared to 2015.
• Avangrid's decarbonization actions and commitments have earned the company a spot in Smart Electric Power Alliance’s 2030 Club and on the USA Today’s list of America’s Climate Leaders 2023.

Negative

• None.

Avangrid ranks second overall among the country’s top 47 investor-owned utilities

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that it has ranked among the country’s top two utilities in National Public Utilities Council’s (NPUC) 2023 Utility Decarbonization Report. This annual report analyzes the decarbonization efforts of the United States’ largest investor-owned utilities. Avangrid ranked second overall, improving from its prior 2022 ranking of fourth, with the highest possible score in fuel mix, total carbon emissions, emissions per customer, and low-carbon investments.

“Decarbonization is the only way to combat climate change,” said Pedro Azagra, Avangrid CEO. “There is no other path forward. That is why Avangrid has joined Iberdrola in making aggressive carbon reduction commitments and taking action. Whether we are generating clean, renewable energy from the sun and wind, creating a smarter, more reliable and resilient grid, or building the first large-scale offshore wind facility in the U.S., everything we do as a company is focused on creating a more sustainable, equitable future.”

The NPUC publishes a Utility Decarbonization Report annually to inform, support, and encourage the rapid decarbonization of the electricity sector using data-informed analysis. This year, the organization expanded the report to include the country’s top 47 investor-owned utilities, compared to 30 last year, in order to provide a more accurate picture of decarbonization in the power sector. Utilities were ranked using six key metrics related to each utilities’ fuel mix, carbon emissions, decarbonization goals and low-carbon investments.

Avangrid achieved top ranks due to its industry-leading commitment to reach carbon neutrality for Scopes 1 and 2 emissions by 2030, which is aligned with Iberdrola’s emissions goals that are certified by the Science-Based Targets Initiative (SBTi). In addition to this leading commitment, Avangrid has continued to maintain an emissions intensity that is at least six times lower than the U.S. power sector average since 2015. In fact, Avangrid’s emissions intensity in 2022 was more than eight times lower than the U.S. average with a 28% reduction in CO2 emissions intensity for 2022 (compared to 2015).

Along with its top ranking in the NPUC report, Avangrid’s decarbonization actions and commitments have also earned the company a spot in Smart Electric Power Alliance’s 2030 Club and on the USA Today’s list of America’s Climate Leaders 2023.

NPUC is a leading research organization dedicated to driving progress in the decarbonization of the clean energy transition. From championing practical solution-based roundtable discussions to being a repository of knowledge and research for utilities, NPUC is pioneering the decarbonization movement and forging new paths for utility decarbonization 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 $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/20231114725340/en/

Sarah Warren

sarah.warren@avangrid.com

585-794-9253

Source: AVANGRID, Inc.

FAQ

What is Avangrid's rank in the NPUC's 2023 Utility Decarbonization Report?

Avangrid ranks second overall among the country’s top 47 investor-owned utilities.

What are the key metrics used to rank utilities in the NPUC report?

The key metrics include fuel mix, total carbon emissions, emissions per customer, and low-carbon investments.

What are Avangrid's decarbonization goals?

Avangrid is committed to reaching carbon neutrality for Scopes 1 and 2 emissions by 2030, aligned with Iberdrola's goals certified by the Science-Based Targets Initiative (SBTi).

What is Avangrid's emissions intensity compared to the U.S. power sector average?

Avangrid's emissions intensity has been at least six times lower than the U.S. power sector average since 2015, with a 28% reduction in CO2 emissions intensity for 2022 compared to 2015.

What recognition has Avangrid received for its decarbonization actions?

Avangrid has earned a spot in Smart Electric Power Alliance’s 2030 Club and on the USA Today’s list of America’s Climate Leaders 2023.