An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Avangrid Renewables Statement on Federal New York Bight Offshore Wind Auction
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Avangrid Renewables, a subsidiary of AVANGRID (NYSE: AGR), commented on the recent auction for offshore wind lease areas in the New York Bight. The company, already a leader in the offshore wind sector with a 4.9 GW portfolio, chose not to participate in the auction, citing that bid prices did not align with their strategic goals. Despite this, Avangrid remains committed to the New York and New Jersey offshore wind markets and aims to contribute significantly as the U.S. strives for a 30 GW offshore wind target by 2030.
Positive
Established market leader with a 4.9 GW offshore wind portfolio.
Commitment to offshore wind in New York and New Jersey, indicating potential future growth.
Negative
Did not participate in recent auction due to misaligned bid prices, potentially missing growth opportunities.
ORANGE, Conn.--(BUSINESS WIRE)--
Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), released the following statement regarding the results of auction for offshore wind lease areas in the New York Bight announced by the Bureau of Ocean Energy Management (BOEM) on February 25, 2022.
“As a national offshore wind leader, Avangrid Renewables took a strategic and disciplined approach to the New York Bight auction that aligned with our overall long-term business objectives,” said Bill White, President and CEO of Avangrid Renewables Offshore. “With our existing 4.9 Gigawatt (GW) portfolio of offshore wind projects, Avangrid Renewables entered the auction in a unique position as an already-established market leader, and made the determination that the bid prices of the lease areas did not correspond with the strategic goals of our renewables portfolio. Avangrid Renewables remains committed to the offshore wind market in New York and New Jersey, and will continue to explore opportunities to bring our deep experience and record of delivering transformational local supply chain investments to the region. As the United States pursues an ambitious 30 GW offshore wind goal by 2030, Avangrid Renewables is playing a critical role through the development of our robust portfolio of nation-leading offshore wind projects, and will carefully consider new market opportunities as they emerge.”
About Avangrid Renewables:Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
