Avangrid Receives Eddy Award for Student Loan Debt Repayment Program

Rhea-AI Summary

Avangrid, Inc. received an Eddy Award for its Student Loan Debt Repayment Program, saving employees over $1.5 million in 2023. The program offers $250 monthly payments to eligible student loan providers, with over 600 employees enrolled. Avangrid's commitment to employee financial wellness earned them recognition in the Financial Wellness category at Pension & Investments' Eddy Awards.

Program saved Avangrid employees more than $1.5 million in 2023

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and a member of the Iberdrola Group, announced today that it earned an Eddy Award from Pension & Investments for the company’s groundbreaking Student Loan Debt Repayment Program, which saved Avangrid employees more than $1.5 million last year in principal and estimated interest.

“Student loan debt surpasses all other categories of consumer debt, besides mortgages, in the United States,” said Pedro Azagra, Avangrid CEO. “This fact is not only staggering, its sobering. We are very proud to have diverse and modern benefits that support our employees’ mental, physical, emotional, and financial wellbeing. To receive an Eddy Award for our Student Loan Debt Repayment Program confirms our belief that our benefits are setting a new standard for employee programs and care.”

Pension & Investment’s annual Eddy Awards recognizes best practices in offering investment and financial education to defined contribution plan participants. This year’s awards included five categories: special projects, financial wellness, ongoing investment education, conversions/403(b) consolidations and pre-retirement preparation. Avangrid earned second place in the Financial Wellness category, and this is Avangrid’s third Eddy award in four years.

Avangrid was one of the first energy companies in the United States to have a student loan debt repayment program. The program is available to non-union employees and offers participants a $250 monthly payment, up to a lifetime maximum of $9,000, paid directly to their eligible student loan provider(s). To date, more than 600 Avangrid employees have enrolled.

“A program like this tells me that Avangrid cares about its employees by helping them focus on total wellbeing, including financial wellness,” said Jordan Noll-Lamantia, manager of Talent Acquisition at Avangrid and a participant in Avangrid’s Student Loan Debt Repayment Program. “Taking advantage of this benefit is allowing me to pay down my student loans quicker than I originally planned. This means more freedom to do the things I love, such as traveling.”

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 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 in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. 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/20240319523298/en/

Media:

Sarah Warren

sarah.warren@avangrid.com

585-794-9253

Source: AVANGRID, Inc.

FAQ

What award did Avangrid receive for its Student Loan Debt Repayment Program?

Avangrid received an Eddy Award from Pension & Investments.

How much money did Avangrid employees save in 2023 through the program?

Avangrid employees saved over $1.5 million in principal and estimated interest.

How many employees have enrolled in Avangrid's student loan debt repayment program?

To date, more than 600 Avangrid employees have enrolled.

What is the maximum lifetime payment offered by Avangrid's program?

Participants can receive up to a lifetime maximum of $9,000.

What category did Avangrid earn recognition in at the Eddy Awards?

Avangrid earned second place in the Financial Wellness category.

What does Avangrid CEO Pedro Azagra emphasize about the importance of the program?

Pedro Azagra highlights the significance of the program in supporting employees' financial wellbeing.

How many Eddy Awards has Avangrid received in the past four years?

This is Avangrid's third Eddy award in four years.

What does Avangrid's Student Loan Debt Repayment Program aim to alleviate?

The program aims to address the burden of student loan debt, which is a significant issue in the United States.

What distinguishes Avangrid's program from others in the energy sector?

Avangrid was one of the first energy companies in the U.S. to implement a student loan debt repayment program.

How does Avangrid's program contribute to employee financial wellness?

The program offers $250 monthly payments to eligible student loan providers, providing financial relief to employees.

What sets Avangrid's benefits apart according to Pedro Azagra?

Pedro Azagra mentions that Avangrid's benefits are diverse, modern, and set a new standard for employee programs and care.