Avangrid Named Among America’s Climate Leaders by USA Today for Second Consecutive Year

Rhea-AI Summary

Avangrid (NYSE: AGR), a leading sustainable energy company, has been named among America's Climate Leaders 2024 by USA Today for the second consecutive year. The list recognizes U.S. companies achieving the greatest reduction in emissions intensity from 2020 to 2022. Avangrid's emissions intensity is over six times lower than the U.S. power sector average. The company aims for carbon neutrality by 2030 for scopes 1 and 2 emissions, aligning with the Science-Based Targets Initiative. Avangrid has doubled its sustainable fleet vehicles and installed 877 electric vehicle charging points. The company has invested over $203 million in replacing leak-prone gas pipelines to cut emissions and increased its emissions-free capacity to 8.8 GW.

Positive

• Avangrid named among America's Climate Leaders 2024 by USA Today for the second consecutive year.
• Emissions intensity over six times lower than the U.S. power sector average.
• Committed to achieving carbon neutrality for scopes 1 and 2 emissions by 2030.
• Increased emissions-free installed capacity to 8.8 GW, a 51% growth since 2015.
• Invested more than $203 million in Leak-Prone Main Gas Pipeline replacement.
• Doubled the number of sustainable fleet vehicles, now over 11% of the total light-duty fleet.
• Installed 877 electric vehicle charging points across networks.
• Received a number two ranking in the National Public Utilities Council’s 2023 Utility Decarbonization Report.

Negative

• No direct mention of financial performance or revenue growth from core operations.
• Continuous investment in emissions reduction may lead to increased operational costs.
• Potential dependency on external manufacturers for SF6-free technologies.

Highlights U.S. companies who have achieved the greatest reduction in core emissions intensity between 2020 and 2022

Avangrid is one of the country’s cleanest utilities with an emissions intensity over six times lower than the U.S. power sector average

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today it has been named on the USA Today’s list America’s Climate Leaders 2024. This is Avangrid’s second consecutive year on this prestigious list, which includes the top 450 companies across the United States that have achieved the greatest reduction in their core emissions (scopes 1 and 2) intensity between 2020 and 2022.

“Decarbonization requires not just bold commitment, but equally resolute actions,” said Pedro Azagra, Avangrid CEO. “It's with immense pride that we accept this accolade from USA Today once more. Our consistent inclusion on this list is no surprise. As one of the nation's leading clean utilities, Avangrid has long been at the forefront of decarbonization efforts in partnership with Iberdrola. Our ongoing commitments are a testament to our role as pioneers in the clean energy transition. They are a reflection of our unwavering commitment to meet the needs of our customers and communities today, while laying the foundation for the prosperity of future generations."

Avangrid has an 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.

Scope 1 emissions include all direct greenhouse emissions from sources that are owned or controlled by Avangrid, including power generation facilities, offices and other facilities, and fleet vehicles. Scope 2 emissions include indirect greenhouse emissions associated with the generation of purchased energy consumed by the Avangrid.

In 2023, Avangrid’s efforts to reduce emissions included:

• Working to eliminate sulfur hexafluoride (SF6) emissions, the most potent greenhouse gas, across its operations while supporting manufacturers’ efforts to create SF6-free technologies.
• Reaching 8.8 gigawatts (GW) of emissions-free installed capacity, a 51% growth since 2015.
• Investing more than $203 million in Leak-Prone Main Gas Pipeline replacement to reduce fugitive emissions.
• Implementing more renewable electricity in corporate buildings.
• Doubling the company’s number of sustainable fleet vehicles, achieving more than 11% of the total light duty fleet.
• Installing 877 electric vehicle charging points across Avangrid’s networks.

America’s Climate Leaders 2023 were selected based on two-step process. First is the application and research phase. Companies could be included on the list by applying online or by having the necessary data publicly available. To be considered for the award, a company must be headquartered in the United States, have a revenue of at least $50 million, have independent emissions reporting data on scopes 1 and 2, have a CDP rating of at least C (if available), and have a positive broader environmental record. The second step is the data analysis and scoring phase. For all companies meeting the inclusion criteria, the year-over-year reduction in emissions intensity (compound annual reduction rate) was calculated.

In addition to this honor from USA Today, Avangrid’s decarbonization actions and commitments have also earned the company a spot in Smart Electric Power Alliance’s 2030 Club and a number two ranking in the National Public Utilities Council’s 2023 Utility Decarbonization Report.

To view the full list of America’s Climate Leaders 2024, click here.

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/20240530906027/en/

Media Contact:

Sarah Warren

sarah.warren@avangrid.com

585-794-9253

Source: AVANGRID, Inc.

FAQ

What achievement did Avangrid (AGR) receive in 2024?

Avangrid was named among America's Climate Leaders 2024 by USA Today for the second consecutive year.

How much has Avangrid (AGR) invested in replacing gas pipelines to reduce emissions?

Avangrid has invested over $203 million in replacing leak-prone gas pipelines to reduce emissions.

What is Avangrid's (AGR) goal for carbon neutrality?

Avangrid aims to achieve carbon neutrality for scopes 1 and 2 emissions by 2030.

How much has Avangrid (AGR) increased its emissions-free installed capacity?

Avangrid has increased its emissions-free installed capacity to 8.8 GW, marking a 51% growth since 2015.

How many electric vehicle charging points has Avangrid (AGR) installed?

Avangrid has installed 877 electric vehicle charging points across its networks.