Company’s successful advocacy efforts lead to New York Utility Corporation Securitization Act being signed into law

ORANGE, Conn., October 04, 2024--(BUSINESS WIRE)--Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and a member of the Iberdrola Group, has assembled a core Government and Regulatory Affairs team to continue fostering strong relationships with stakeholders across the company’s service areas in New York, Connecticut and Maine. Avangrid CEO Pedro Azagra recently met with this group’s senior leadership team, who lead Avangrid’s state government and regulatory affairs at its utilities, to discuss the company’s priorities for the rest of the year.

"We believe that fostering strong relationships is the cornerstone of our business," said Pedro Azagra, CEO. "Through diligent communication with state officials, our Government and Regulatory Affairs team is dedicated to aligning our goals with the needs of our customers. I am pleased to see that our advocacy efforts are making a difference in the communities we serve. Following our recent constructive meeting, we are more committed than ever to delivering exceptional outcomes for our customers."

An example of Avangrid’s Government and Regulatory Affairs successful advocacy efforts is New York state’s New York Utility Corporation Securitization Act, which was recently signed into law by Governor Kathy Hochul. This new law is a mechanism to resolve legacy debt for storm costs already paid for by utilities, a move that will benefit the nearly 1.9 million customers served by New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E). In unprecedented fashion, the bill was introduced by the Avangrid team in the final weeks of the legislative session, receiving unanimous approval in the Senate and Assembly before being promptly approved by Governor Hochul. The new law will allow Avangrid subsidiaries NYSEG and RG&E to seek approval to address more than $750 million in legacy storm debt and improve the financial health of the utilities. This significant act will allow NYSEG and RG&E to do the crucial work of delivering safe and reliable electric and gas service while also investing in the grid to bring the clean energy future to reality.

Another example of Avangrid’s successful advocacy efforts can be seen in Maine where Central Maine Power (CMP) recently hosted a stakeholder meeting with government agencies, community leaders, non-governmental organizations and business groups to collaborate and gather feedback about the company’s efforts to address climate change and integrated grid planning. The initiative is part of CMP’s ongoing implementation of LD 1959. Key topics of discussion included the importance of improved system resiliency due to the increasing frequency of strong storms; economic growth to prepare today for the needs of tomorrow to support our thriving communities; supporting electrification through the installation of heat pumps and EV charging stations; and increasing the number of renewable energy resources, like solar power, that are connected to the grid.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $46 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.

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Media Contact:
Keaton Thomas
Keaton.thomas@avangrid.com
503-956-9621