Avangrid Recognizes Business Partners with Supplier Awards

Rhea-AI Summary

Avangrid (NYSE: AGR) hosted its 2024 Supplier Awards at its headquarters in Orange, Connecticut, recognizing six business partners for their exceptional contributions. The event, returning for the first time since 2019, honored suppliers in categories including diversity, sustainability, innovation, services, emergency excellence, and health and safety. Mortenson was named Supplier of the Year among the winners. The company highlighted its strong supply chain relationships, which result in $5 billion in annual purchases and support operations across utilities and renewables, including over 9 GW of solar and wind farms and more than 1,000 MW under construction.

Positive

• Manages substantial renewable energy portfolio of 9 GW in solar and wind farms
• Currently constructing additional 1,000 MW of renewable energy capacity
• Strong supply chain with $5 billion in annual purchases
• Services over 3 million utility customers

Negative

• None.

Insights

Market Research Analyst

This supplier recognition event, while highlighting strong business relationships, does not present material financial impact for investors. While the article mentions $5 billion in annual purchases, this is merely contextual information about existing operations rather than new business developments. The recognition of six suppliers for various achievements, while positive for corporate relationships, doesn't significantly affect Avangrid's financial outlook or market position.

The mention of 9 GW of existing renewable energy capacity and 1,000 MW under construction provides useful context about Avangrid's scale, but these are existing projects rather than new developments. The event's primary significance is maintaining supplier relationships and corporate governance, which are important but routine business activities.

Six suppliers who have demonstrated a commitment to Avangrid’s principles were recognized Wednesday at Avangrid’s headquarters

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, recently recognized business partners at its 2024 Avangrid Supplier Awards. The Company announced six winners at last week’s event at Avangrid’s headquarters in Orange, Connecticut.

“We are thrilled to recognize our business partners that help Avangrid address the immediate needs of our customers while advancing our efforts to create a clean energy future,” said Pedro Azagra, Avangrid CEO. “This year’s event honors the vision and values that we share with our business partners, as well as our commitment to the highest standards for ethical practices and good governance.”

Avangrid’s supplier awards returned this year for the first time since 2019. Last week’s event recognized major suppliers making significant contributions to Avangrid and its principles, including diversity, sustainability, innovation, services, emergency and storm excellence, health and safety, and overall performance.

This year’s theme was Delivering the Future of Energy through Powerful Partnerships. Avangrid recognized six valued suppliers with awards in the following categories:

• Supplier of the Year Award: Mortenson
• Supplier Health and Safety Award: Irby Utilities
• Supplier Emergency or Storm Excellence Award: Northline Utilities
• Supplier Diversity Award: TransAmerican Power Poles (TAPP)
• Supplier Sustainability Award: Ferguson Electric
• Supplier Innovation Award: ICF

“Mortenson is humbled to be receiving Avangrid’s Supplier of the Year Award for 2024,” said Jesse Canzler, Vice President, General Manager, Mortenson. “Our partnership stretches back over two decades and is as strong as ever due to our shared values, open communication, and commitment to solve challenges together. We’re thankful for the trust Avangrid has placed in us and looking forward to many more successful years.”

“At Avangrid, we are proud to work with a diverse group of suppliers and a strong and resilient supply chain that support our entire businesses, from utilities to renewables,” said Felix Morck, Vice President of Purchasing and Insurance at Avangrid. “Suppliers are valued business partners and accompany us in everything we do: generating clean renewable energy from our existing fleet of over 9 GW of solar and wind farms, building new renewables assets with currently more than 1,000 MW under construction, transporting and distributing electricity to our more than 3 million customers, and keeping their lights on during storms.”

The strong relationships with our key suppliers have been forged over many years and result in $5 billion in purchases annually. These partnerships are a key success factor for Avangrid and have helped the Company become a leading sustainable energy company in the U.S.

Employees of Avangrid's businesses nominated various vendors for the awards. A steering committee with representatives of Avangrid purchasing and business leaders selected the winners among the 50 nominated suppliers.

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/20241028347128/en/

Media:

Keaton Thomas

Keaton.thomas@avangrid.com

503-956-9621

Source: AVANGRID, Inc.

FAQ

How many suppliers did Avangrid (AGR) recognize at its 2024 Supplier Awards?

Avangrid recognized six suppliers at its 2024 Supplier Awards ceremony held at its headquarters in Orange, Connecticut.

Who won Avangrid's (AGR) Supplier of the Year Award for 2024?

Mortenson was awarded Avangrid's Supplier of the Year Award for 2024.

What is Avangrid's (AGR) current renewable energy generation capacity?

Avangrid currently operates over 9 GW of solar and wind farms, with an additional 1,000 MW under construction.

How much does Avangrid (AGR) spend annually on supplier purchases?

Avangrid spends approximately $5 billion annually on supplier purchases.