AVANGRID, INC: Avangrid Releases Sustainability Report


Avangrid, Inc. issued the following announcement on April 22.

In anticipation of Earth Day, AVANGRID, Inc. (NYSE: AGR), a leading diversified energy company, today released its 2018 Sustainability Report, demonstrating its purpose of working together to deliver a more accessible clean energy model that promotes healthier, more sustainable communities every day.

AVANGRID, recently named among the World’s Most Ethical companies by the Ethisphere Institute, is one of the cleanest U.S. energy companies, operating one of the nation’s largest renewable fleets, with 89% of the installed generation capacity emissions-free.

The 2018 Sustainability Report, titled “A New Generation of Energy,” benchmarks AVANGRID’s sustainability performance across economic, environmental, social and governance perspectives.

“Our industry is in the midst of a transformational shift in how energy is generated, delivered and consumed,” AVANGRID CEO James P. Torgerson said.

“Demand for clean energy solutions and the continued adoption of innovations like electric vehicles, smart grids and battery storage represent more than business opportunities; they are the drivers of a potentially disruptive shift that requires us to act — right now — to remain at the vanguard of our industry. The 2018 Sustainability Report showcases our efforts to meet these challenges and further establish AVANGRID as a leader for sustainable energy in the United States.”

Among the 2018 achievements highlighted in the report:

Avangrid Networks subsidiary Central Maine Power’s $950 million New England Clean Energy Connect proposal won a Massachusetts RFP to deliver clean energy to the New England grid. Avangrid Renewables offshore wind joint venture Vineyard Wind, was chosen to provide 800 megawatts (MW) of wind generating capacity to Massachusetts utilities. Both projects combined will allow customers to avoid emissions equivalent to removing approximately one million cars from the road every year.*

The company achieved emissions intensity in 2018 of 54 grams of carbon dioxide (CO2) per kilowatt-hour of electricity produced — approximately a 15% reduction compared with 2015 and eight times lower than the 2018 U.S. utility average. This is in line with AVANGRID’s goal to reduce CO2 emissions intensity from its power plants 25% by 2020, compared with a 2015 baseline, and achieve 100% carbon neutrality by 2035.

The 16,986 gigawatt-hours of electricity produced by Avangrid Renewables’ wind and solar facilities allowed customers to avoid 12 million metric tons of carbon dioxide emissions — roughly equivalent to emissions avoided by removing 2.55 million cars from the road for a year*. Avangrid Renewables added nearly 1 gigawatt (GW) of wind and solar long-term contracts in 2018, and mobilized construction of 989 MW of projects for commissioning in 2019.

Avangrid Networks announced a $2.5 billion Transforming Energy resiliency plan to harden and modernize the New York and New England power grids.

To learn more about AVANGRID achievements, long-term sustainability vision, goals and to view the entire report, please visit www.avangrid.com.

Original source can be found here.

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