AVANGRID Reports Strong Progress on Ambitious ESG+F Goals and Reinforces Its Commitment to Climate Action

Releases its 2022 Sustainability Report, sharing that it met or exceeded 85% of the company’s 2022 Environmental, Social, Governance and Financial Stewardship goals

Among its many achievements is operating 8.7 GW of emissions-free installed capacity, enough to power more than 2.8 million homes, and progressing toward Scopes 1 and 2 carbon neutrality by 2030

ORANGE, Conn.--(BUSINESS WIRE)-- AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today released its 2022 Sustainability Report, titled “Investing in a Clean Energy Future for All,” which details that the company met or exceeded 85% of its 2022 Environmental, Social, Governance and Financial Stewardship (ESG+F) goals. The report also indicated AVANGRID is on track to meet its ambitious long-term ESG+F goals by demonstrating clear progress and actions underway to support their achievement. This includes AVANGRID’s industry-leading 2030 carbon neutrality targets for scopes 1 and 2 and its commitment to reach 16.9 GW emissions-free installed capacity by 2030.

AVANGRID's 2022 Impact at a Glance. (Graphic: Business Wire)

“With 91% emissions-free generation and an emissions intensity over six times lower than the U.S. utility average, AVANGRID demonstrates true clean energy leadership,” said Pedro Azagra, CEO of AVANGRID. “We set the bar high and continue to raise it with comprehensive commitments across all aspects of ESG+F, as you’ll see demonstrated throughout our 2022 Sustainability Report. Our strong track record of ESG+F execution ensures that we, along with the Iberdrola Group, are a critical and strategic leader in advancing the transition to a clean and sustainable future.”

The company’s annual Sustainability Report tracks and highlights AVANGRID’s sustainability results towards its ESG+F commitments and how these actions are creating a clean energy future. The company’s ESG+F goals include but are not limited to: Scopes 1 and 2 carbon neutrality (by 2030), increasing emissions-free installed capacity by 190% compared to 2015 (by 2030), increasing supplier diversity spend to $300 million (in 2025) and reaching 35,000 employee volunteer hours (in 2025).

Among the 2022 successes highlighted in the report, AVANGRID achieved:

• 8.7 GW installed emissions-free capacity.
• 35% of women in executive positions, reaching its aspirational goal set for 2025 three years early.
• 28% reduction in CO₂ emissions intensity (compared to 2015).
• Sustaining a leadership position as the third-largest green, social and sustainability bonds issuer in the U.S.
• 10,464 employee volunteer hours, well surpassing its 2022 goal of 7,000 hours.
• $195 million spent with diverse suppliers and 67% of our suppliers met our sustainability standards.
• 42,000 hours of cybersecurity training and a 50% reduction in phishing click rate, putting the company ahead of its 2025 goal.
• Recognition by third parties as a leader in ethics, including being named one of the World’s Most Ethical Companies by Ethisphere for a fifth consecutive year.

“At AVANGRID, we make a commitment and then we take action,” said Laney Brown, Vice President of Sustainability at AVANGRID. “Across the board, we are making excellent progress on our ESG+F goals and commitments. We’re demonstrating that clean energy is not just a beneficial outcome for the environment and society, but an opportunity to help people and communities participate in the clean energy transition through new jobs, and for leading companies like ours to make critical and strategic investments.”

A full list of AVANGRID’s ESG+F goals and its 2022 achievements can be found in the 2022 Sustainability Report 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 $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.

Forward Looking Statements

Certain statements in this release may relate to our future business and financial performance and future events or developments involving us and our subsidiaries that are not purely historical and may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “would,” “could,” “can,” “expect(s),” “believe(s),” “anticipate(s),” “intend(s),” “plan(s),” “estimate(s),” “project(s),” “assume(s),” “guide(s),” “target(s),”“forecast(s),” “are (is) confident that” and “seek(s)” or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, statements about our plans, objectives and intentions, outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition of the business and other statements that are not historical facts. Such statements are based upon the current reasonable beliefs, expectations, and assumptions of our management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Important factors are discussed and should be reviewed in our Form 10-K and other subsequent filings with the SEC. Specifically, forward-looking statements include, without limitation:

• our ability to close the proposed merger with PNMR, the anticipated timing and terms of the proposed merger, our ability to realize the anticipated benefits of the proposed merger and our ability to manage the risks of the proposed merger;
• future financial performance, anticipated liquidity and capital expenditures;
• actions or inactions of local, state or federal regulatory agencies;
• adverse publicity or other reputational harm; and
• other presently unknown unforeseen factors.

Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may vary in material respects from those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Other risk factors are detailed from time to time in our reports filed with the SEC, and we encourage you to consult such disclosures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230417005829/en/

MEDIA:

Sarah Warren

sarah.warren@avangrid.com

585-794-9253

Source: AVANGRID