PORTLAND, Maine, August 30, 2022--(BUSINESS WIRE)--The following is a statement from AVANGRID:
This unanimous decision by the Law Court is a victory for clean energy expansion, transmission development, and decarbonization efforts in Maine, New England and across the country.
It is time to move away from the status quo fossil fuel companies who will undoubtedly continue their fight to maintain a stranglehold on the New England energy market. These companies have fought this clean energy project in every legal manner possible, filing challenge after challenge in a desperate effort to hold onto their share of the market. Maine’s highest court has rejected their latest challenge as unconstitutional. The NECEC is good for Maine, bringing hundreds of jobs and hundreds of millions of dollars of investment into the state at no cost to Maine. It will deliver lower energy prices in Maine and New England and help protect against the wild fluctuations in price that Mainers who are dependent on fossil fuels are now experiencing. The project will also help us meet our bold emission reduction goals by removing more than 3 million metric tons of carbon from our atmosphere, the equivalent of removing 700,000 cars from the road.
We are pleased with this outcome as we move Maine to a cleaner energy future.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates 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 more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth 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.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, the company posted revenues of €39 billion and a net profit of over €3.9 billion in 2021. Across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
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