AVANGRID Statement on Texas Cold Weather Event

Rhea-AI Summary

AVANGRID (NYSE: AGR) faced significant challenges due to unprecedented cold weather in Texas, impacting millions. Despite these conditions, the company maximized output at its wind generation facilities, fulfilling delivery obligations and contributing to energy supply during the crisis. With approximately $38 billion in assets and operations across 24 states, AVANGRID has a commitment to sustainable energy and employs around 6,600 people.

Positive

• Successfully met delivery obligations and produced excess energy despite severe weather conditions.
• Demonstrated effective risk management during operational challenges.

Negative

• None.

AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, provided the following statement:

The extreme cold weather in Texas has been unprecedented, resulting in outages impacting millions in the state. Despite this challenge, our team has worked safely and relentlessly to operate our Texas wind generation facilities to their maximum potential given the difficult conditions. Through our proactive and prudent risk management, we have met all of our delivery obligations in Texas and produced excess energy, contributing to the solution for Texas and for customers during this critical period. We appreciate the extra efforts by our employees as they worked in these challenging conditions to maximize the output of our wind facilities in the state, to serve our customers and help mitigate weather-related supply constraints.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $38 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns 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 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.

Forward Looking Statements

Certain statements in this presentation 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:

• the future financial performance, anticipated liquidity and capital expenditures;
• actions or inactions of local, state or federal regulatory agencies;
• success in retaining or recruiting our officers, key employees or directors;
• changes in levels or timing of capital expenditures;
• adverse developments in general market, business, economic, labor, regulatory and political conditions;
• fluctuations in weather patterns;
• technological developments;
• the impact of any cyber breaches or other incidents, grid disturbances, acts of war or terrorism, civil or social unrest, natural disasters, pandemic health events or other similar occurrences;
• the impact of any change to applicable laws and regulations affecting operations, including those relating to the environment and climate change, taxes, price controls, regulatory approval and permitting;
• our ability to close the proposed merger with PNM Resources, the anticipated timing and terms of the proposed merge;,
• our ability to realize the anticipated benefits of the proposed merger with PNM Resources and our ability to manage the risks of the proposed merger;
• the COVID-19 pandemic and its impact on business and economic conditions;
• the implementation of changes in accounting standards; 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.

Investors and others should note that AVANGRID routinely posts important information on its website and considers the Investor Relations section, www.avangrid.com/wps/portal/avangrid/Investors,a channel of distribution.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210219005463/en/

FAQ

What was the impact of the cold weather in Texas on AVANGRID's operations?

The extreme cold weather resulted in outages affecting millions, but AVANGRID managed to operate its wind generation facilities at maximum potential.

How has AVANGRID contributed during the Texas weather crisis?

AVANGRID produced excess energy, helping to mitigate supply constraints during the critical cold weather period.

What are AVANGRID's total assets?

AVANGRID has approximately $38 billion in assets.

In how many states does AVANGRID operate?

AVANGRID operates in 24 U.S. states.

How many employees does AVANGRID have?

AVANGRID employs around 6,600 people.