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Avangrid Statement on Park City Wind Offshore Project
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Rhea-AI Summary
Avangrid terminates power purchase agreements for Park City Wind offshore project due to economic challenges
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Termination of power purchase agreements negatively affects the project's financing
Record inflation, supply chain disruptions, and interest rate hikes cited as reasons for termination
ORANGE, Conn.--(BUSINESS WIRE)--
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today issued the following statement regarding the filing of agreements with the Connecticut Electric Distribution Companies to terminate power purchase agreements for the Park City Wind offshore project.
“One year ago, Avangrid was the first offshore wind developer in the United States to make public the unprecedented economic headwinds facing the industry including record inflation, supply chain disruptions, and sharp interest rate hikes, the aggregate impact of which rendered the Park City Wind project unfinanceable under its existing contracts.
“Since that time, Avangrid has been transparent and collaborative, working diligently with state and federal officials and stakeholders to find solutions to the economic challenges facing Park City Wind as we continued to advance the permitting and development of the project. After exploring all potential solutions to the financial challenges facing the project, and engaging in good-faith and productive discussions with Connecticut state officials regarding these challenges, it is clear the best path forward for Park City Wind is in the termination of the Power Purchase Agreements and a rebid of the project.
“Pursuant to the contracts, Avangrid and the Connecticut Electric Distribution Companies have agreed to terminate the PPAs which will allow all parties an opportunity to pursue an expedient path forward.”
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 avangrid.com.
