Avangrid Renewables Statement On Federal New York Bight Offshore Wind Auction
ORANGE, CT – February 25, 2022 – Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR), released the following statement regarding the results of auction for offshore wind lease areas in the New York Bight announced by the Bureau of Ocean Energy Management (BOEM) on February 25, 2022.
“As a national offshore wind leader, Avangrid Renewables took a strategic and disciplined approach to the New York Bight auction that aligned with our overall long-term business objectives,” said Bill White, President and CEO of Avangrid Renewables Offshore. “With our existing 4.9 Gigawatt (GW) portfolio of offshore wind projects, Avangrid Renewables entered the auction in a unique position as an already-established market leader, and made the determination that the bid prices of the lease areas did not correspond with the strategic goals of our renewables portfolio. Avangrid Renewables remains committed to the offshore wind market in New York and New Jersey, and will continue to explore opportunities to bring our deep experience and record of delivering transformational local supply chain investments to the region. As the United States pursues an ambitious 30 GW offshore wind goal by 2030, Avangrid Renewables is playing a critical role through the development of our robust portfolio of nation-leading offshore wind projects, and will carefully consider new market opportunities as they emerge.”