Avangrid’s Clean Energy Plants Prevent over 23 Billion Pounds of Carbon Emissions Annually

Rhea-AI Summary

Avangrid (NYSE: AGR), a leading sustainable energy company, has generated approximately 15,000 GWh of clean energy from its wind, solar, and hydropower plants in the first eight months of 2024. This clean energy production has prevented over 23 billion pounds of carbon emissions annually, equivalent to the CO2 emissions from about 2.5 million gas-powered passenger vehicles for one year or burning about 11.5 billion pounds of coal.

The company's clean energy projects have sequestered the same amount of carbon as about 12 million acres of U.S. forest land. Avangrid aims to achieve carbon neutrality for Scope 1 and 2 emissions by 2030 and is on track to meet its goal of 9.5 GW of emissions-free installed energy capacity by 2025. The company's sustainability goals include decreasing emissions, increasing electrification, and strengthening its power grid to address climate change and serve customers and communities.

Positive

• Generated 15,000 GWh of clean energy in the first eight months of 2024
• Prevented over 23 billion pounds of carbon emissions annually
• On track to meet 9.5 GW of emissions-free installed energy capacity by 2025
• Committed to achieving carbon neutrality for Scope 1 and 2 emissions by 2030

Negative

• None.

Insights

Environmental Analyst

Avangrid's renewable energy generation is making a significant impact on reducing carbon emissions. Producing 15,000 GWh of clean energy in just 8 months is impressive, avoiding over 23 billion pounds of CO2 emissions. This is equivalent to taking 2.5 million gas-powered cars off the road for a year, highlighting the scale of their contribution to fighting climate change.

The company's ambitious goal of achieving carbon neutrality for Scope 1 and 2 emissions by 2030 aligns with science-based targets, demonstrating a serious commitment to sustainability. Their progress towards 9.5 GW of emissions-free installed capacity by 2025 shows they're on track with their objectives.

However, it's important to note that while these achievements are commendable, the renewable energy sector faces challenges such as intermittency and grid integration. Avangrid's focus on grid strengthening and interconnection of more renewable resources addresses these issues, potentially positioning them well for future growth in the clean energy market.

Financial Analyst

From an investor's perspective, Avangrid's strong position in the renewable energy sector presents both opportunities and challenges. The company's substantial clean energy portfolio, generating 15,000 GWh in 8 months, indicates a robust operational base. This positions AGR well in a market increasingly focused on ESG factors and clean energy transition.

However, investors should consider the capital-intensive nature of renewable energy projects and grid upgrades. While these investments are necessary for long-term growth and meeting sustainability goals, they may impact short-term profitability and cash flows. The company's ability to balance these investments with financial performance will be crucial.

Avangrid's commitment to sustainability could attract ESG-focused investors and potentially lead to favorable financing terms for future projects. However, regulatory changes and potential shifts in government support for renewable energy could pose risks. Investors should monitor policy developments and Avangrid's ability to adapt to changing market conditions.

Avangrid generated about 15,000 GWh of clean energy from its clean energy plants through the first eight months of 2024, continuing to advance progress on the company’s ambitious climate goals.

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, is generating enough renewable energy across portfolio of wind, solar, and hydropower plants to avoid billions of pounds of CO₂ emissions from fossil fuel energy sources. As climate advocates gather in New York for Climate Week NYC, Avangrid continues powering millions of homes and businesses across the country with clean, emissions-free generation.

“Climate change is a global challenge that already negatively impacts billions of people around the world, and one that future generations will have to deal with for decades to come. The reality of climate change highlights the importance of generating clean, emissions free energy to power our society,” said Pedro Azagra, Avangrid CEO. “I am proud of the work we have done at Avangrid, as a leader in the clean energy transition, to build over 9.0 GW of renewable energy generation. We are committed to addressing climate change head-on – including additional network investments to strengthen our grid against increasingly severe weather events – and interconnecting more renewables resources to continue bringing clean energy to American families and businesses.”

Through the first eight months of 2024, Avangrid produced about 15,000 GWh of energy without greenhouse gas emissions. According to the U.S. Environmental Protection Agency’s Greenhouse Gas Equivalencies Calculator, that is the same as:

• Avoiding over 23 billion pounds of CO₂ emissions from fossil fuel energy generation
• The CO₂ emissions produced from about 2.5 million gas-powered passenger vehicles for one year
• The emissions from burning about 11.5 billion pounds of coal

To put that figure in a positive way, the CO₂ emissions avoided from Avangrid’s clean energy projects equate to sequestering the same amount of carbon as about 12 million acres of U.S. forest land (almost the land area of Vermont and New Hampshire combined) or growing about 170 million tree seedlings for 10 years.

Avangrid has an ambitious carbon neutrality implementation strategy that is aligned with Iberdrola’s SBTi (Science Based Target initiative) goal. Avangrid’s goal is to achieve carbon neutrality for Scope 1 and 2 emissions by 2030. Avangrid is on track to meet another one of its goals of 9.5 GW of emissions-free installed energy capacity by 2025.

“At Avangrid, our business is guided and strengthened by our sustainability goals,” said Laney Brown, vice president of sustainability at Avangrid. "Climate change impacts everything around us - from current and future generations to global economies to the natural world and beyond. That's why Avangrid's climate goals - like decreasing emissions, increasing electrification, and strengthening our power grid - are fundamental to our business. Our goals are aimed at building a healthier world, and are at the heart of how we can best serve our customers and communities.”

Avangrid is dedicated to creating a brighter future for all. Its commitments to a just and equitable clean energy transition continue to evolve, and they reflect the Company’s dedication to serving the needs of customers and communities today, while helping to ensure the well-being of generations to come.

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/20240927905668/en/

Media Contact:

Keaton Thomas

Keaton.thomas@avangrid.com

503-956-9621

Source: AVANGRID, Inc.

FAQ

How much clean energy did Avangrid (AGR) generate in the first eight months of 2024?

Avangrid generated approximately 15,000 GWh of clean energy from its wind, solar, and hydropower plants in the first eight months of 2024.

What is Avangrid's (AGR) carbon neutrality goal for Scope 1 and 2 emissions?

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

How many pounds of carbon emissions did Avangrid's (AGR) clean energy plants prevent annually?

Avangrid's clean energy plants prevented over 23 billion pounds of carbon emissions annually.

What is Avangrid's (AGR) goal for emissions-free installed energy capacity by 2025?

Avangrid is on track to meet its goal of 9.5 GW of emissions-free installed energy capacity by 2025.