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1 June/ 2020
AVANGRID Marketing
June 2020
2 June / 2020 / www.avangrid.com / www.avangrid.com
Legal Notice
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, natural disasters, or 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; 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. About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 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 in the United States. AVANGRID employs approximately 6,500 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 by the Ethisphere Institute. For more information, visit www.avangrid.com.
3 June / 2020 / www.avangrid.com / www.avangrid.com
Legal Notice
Use of Non-U.S. GAAP Financial Measures To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we consider adjusted net income and adjusted earnings per share as non-GAAP financial measures that are not prepared in accordance with U.S. GAAP. The non-GAAP financial measures we use are specific to AVANGRID and the non-GAAP financial measures of other companies may not be calculated in the same manner. We use these non-GAAP financial measures, in addition to U.S. GAAP measures, to establish operating budgets and operational goals to manage and monitor our business, evaluate our operating and financial performance and to compare such performance to prior periods and to the performance of our competitors. We believe that presenting such non-GAAP financial measures is useful because such measures can be used to analyze and compare profitability between companies and industries by eliminating the impact of certain non-cash charges. In addition, we present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance.
We define adjusted net income as net income adjusted to exclude restructuring charges, mark-to-market earnings from changes in the fair value of derivative instruments and accelerated depreciation derived from repowering of wind farms. We believe adjusted net income is more useful in understanding and evaluating actual and projected financial performance and contribution of AVANGRID core lines of business and to more fully compare and explain our results. The most directly comparable U.S. GAAP measure to adjusted net income is net income. We also define adjusted earnings per share, or adjusted EPS, as adjusted net income converted to an earnings per share amount.
The use of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, AVANGRID’s U.S. GAAP financial information, and investors are cautioned that the non-GAAP financial measures are limited in their usefulness, may be unique to AVANGRID, and should be considered only as a supplement to AVANGRID’s U.S. GAAP financial measures. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools.
Non-GAAP financial measures are not primary measurements of our performance under U.S. GAAP and should not be considered as alternatives to operating income, net income or any other performance measures determined in accordance with U.S. GAAP. 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.
4 June / 2020 / www.avangrid.com 4 / www.avangrid.com
Company Overview
5 June / 2020 / www.avangrid.com / www.avangrid.com
The utility of the future AVANGRID is Investing in a Smarter & Cleaner Energy Future…
…To Deliver Sustainable Growth & Value Creation
Focusing on Clean Energy
Smarter Customer Solutions
Building the Grid of
the Future
6 June / 2020 / www.avangrid.com / www.avangrid.com
Regulated Utilities • 8 regulated utilities in 4 states • 3.3 million customers & ~$10B rate base
Contracted Renewables • 3rd largest wind operator in the U.S. • ~7.5 GW wind & solar installed capacity
Strong Growth Prospects • Electric transmission, electric & gas
distribution growth
• A leader in offshore wind with access to 3 offshore wind lease areas in MA & NC
• 18 GW renewables pipeline
AVANGRID HIGHLIGHTS AVANGRID is a Leading, Sustainable U.S. Energy Company
Focus on Sustainability • Target carbon-neutral generation
by 2035 • Committed to the U.N. Sustainable
Development Goals
Financial Strength with Access to ‘Green’ Financing • Low leverage • Dividend payout target of 65-75% • $2.1B in Green Bond financing & $2.5B
sustainability-linked credit facility
$35B in assets with operations in 24 states
7 June / 2020 / www.avangrid.com / www.avangrid.com
AVANGRID Business Updates
~7.5 GW wind & solar installed capacity 831 MW reached commercial operation in ’19 700 MW in construction for ’20 plus repowering of 366 MW > 2 GW renewables projects with contracts ~18 GW pipeline(1)
(1) Includes onshore wind, solar and offshore wind (50% ownership of two Vineyard Wind leases & 100% ownership of Kitty Hawk lease)
~$10.4B in Average rate base ’19 ~$10.8B in Average rate base ’20
Forward 2020+ Mid-Period Assessment Cost Efficiencies: $75M (pre-tax) savings in ’19 Incremental $5-$10M savings targeted for ’20
8 June / 2020 / www.avangrid.com / www.avangrid.com
AVANGRID Geographic Presence
AVANGRID Operations
Headquarters in Orange, CT
Wind
Solar
Thermal
Networks
Offshore Wind
9 June / 2020 / www.avangrid.com / www.avangrid.com
AVANGRID Organizational Structure
(NYSE: AGR) 81.5% owned
by Iberdrola, S.A. Avangrid Renewables(1) Avangrid Networks
UI
CNG
SCG
MNG
BGC
CMP
RGE
NYSEG
NY Transco (20% Owner)
Onshore Wind
Solar
Offshore Wind
~7.4 GW ~4.7 GW
~.130 GW ~8.4 GW
-- ~4.9 GW
Thermal ~.636 GW -- (1) As of 3/31/2020
Pipeline
10 June / 2020 / www.avangrid.com / www.avangrid.com
AVANGRID History
1840: Hartford City Light is formed (CNG Origin)
2001: Scottish Power acquires Pacific Corp
2006: Iberdrola acquires
Community Energy
2006: Scottish Power sells Pacific Corp to Berkshire Hathaway, without PPM Energy
2007: Scottish Power is acquired by Iberdrola S.A.
2008: Iberdrola Ren and PPM Energy merge into Iberdrola Renewables USA
2008: Iberdrola S.A. acquires Energy
East, forming Iberdrola USA
2010: UIL purchases SCG, CNG, and BG from Iberdrola USA
2015: UIL and Iberdrola USA merge
to form Avangrid
2018: Sale of Enstor Gas Storage
1929: Ithaca Gas renamed to New York State
Electric and Gas
1848: Hartford City
Light re- named CNG
1999: Energy East formed (NYSEG)
1899: UI formed through New Haven
Electric & Bridgeport Electric merger
2000s: Energy East acquires RG&E in
2002. Electricity Reform ongoing...
1892: RG&E formed through merger
1967: SCG formed through merger
1999: Energy East acquires CMP, CNG, SCG, BG, MNG.
1910: Oakland Electric renamed Central Maine Power
The integration of the former Iberdrola USA and UI was
successfully completed in 2018
11 June / 2020 / www.avangrid.com 11 / www.avangrid.com
Networks Business
12 June / 2020 / www.avangrid.com / www.avangrid.com
Networks Rate Base & ROEs
Average 2019 Rate Base ~$10.4B(1)
Allowed ROE/Equity
NYSEG & RGE 4.83 9.0% / 48% (50% for sharing)
UI - D 1.11 9.10% / 50%
CMP – D 0.93 9.25% / 50% (subject to 1.00% reduction for 18 months)
SCG 0.59 9.25% / ~52%
CNG 0.54 9.30% / 54 – 55%
BGC 0.14 9.70% / 55%
MNG 0.08 9.55% / 50%
CMP – T(2) 1.47 10.57% (11.74% cap) / Actual
UI - T 0.67 10.57% (11.74% cap) / Actual
(1) Per 2019 10-K report. (2) Excludes ~$0.09B for MEPCO.
13 June / 2020 / www.avangrid.com / www.avangrid.com
Networks Regulatory Updates – New York Rate Case
Term is ~3 years
• RY1: May 1, 2020 to April 30, 2021
• RY2: May 1, 2021 to April 30, 2022
• RY3: May 1, 2022 to April 30, 2023
Joint Proposal executed on June 22, 2020
Formal schedule to be established; expect decision ~ mid-September
Effective October 1, 2020, with a make-whole back to April 17, 2020
Provides immediate COVID-19 relief to customers, funded with deferred collections & investments & amortizations of regulatory assets & liabilities Addresses costs & recovery mechanisms related to outage restoration
Key Highlights: • Provides customer relief during the pandemic (including suspension of disconnects & certain customer charges, $30M direct customer
credits recovered over 5 years beginning July 2021 through the Rate Adjustment Mechanism; small and large business customer annual grant assistance funded through existing economic development programs, cost reductions)
• Additional regulatory amortizations, primarily related to tax reform, add to revenues in addition to the rate increases • Enhances vegetation management (+90% at NYSEG & +19% at RGE) • Increases workforce (FTEs vs. 2018 Test Year +344 RY1 & +517 RY3) • Improves system reliability & addresses needed infrastructure improvements (i.e. resiliency, bulk electric system requirements, AMI)
(Total Capex 2019-2025 ~$5.1B (including AMI in 2024 & 2025)) • Institutes a progressive set of commitments regarding our natural gas businesses related to climate change
Separate Generic Proceeding was initiated to address COVID-19
Pandemic related matters, including incremental savings and costs
14 June / 2020 / www.avangrid.com / www.avangrid.com
Networks Regulatory Updates – New York Rate Case Detail
RY-1 RY2 RY3 Authorized ROE/Equity 8.80%/48% 8.80%/48% 8.80%/48%
Customer/Company Sharing (based on 50% equity)
50%/50% >9.00% to 9.50% 75%/25% >9.50% to 10.00% 90%/10% >10.00%
50%/50% >9.10% to 9.60% 75%/25% >9.60% to 10.10% 90%/10% >10.10%
50%/50% >9.20% to 9.70% 75%/25% >9.70% to 10.20% 90%/10% >10.20%
Impact on Total Rates (excl. energy efficiency) *
NYSEG-E 2.3% NYSEG-G 0.0% RGE-E 1.4% RGE-G 0.0%
NYSEG-E 4.7% NYSEG-G 0.4% RGE-E 3.0% RGE-G 0.0%
NYSEG-E 4.9% NYSEG-G 0.8% RGE-E 3.1% RGE-G 0.6%
Rate Base NYSEG-E $2.44B NYSEG-G $662M RGE-E $1.50B RGE-G $509M
NYSEG-E $2.70B NYSEG-G $726M RGE-E $1.82B RGE-G $551M
NYSEG-E $3.04B NYSEG-G $797M RGE-E $2.01B RGE-G $634M
Earnings Adjustment Mechanism (EAM) Opportunities, subject to reaching minimum thresholds (basis points); outside of Earnings Sharing
NYSEG-E 7.5 – 62.2 NYSEG-G 2.5 – 19.9 RGE-E 7.5 – 57.1 RGE-G 2.5 – 23.0
NYSEG-E 7.5 – 63.7 NYSEG-G 2.5 - 22.8 RGE-E 7.5 – 53.8 RGE-G 2.5 – 25.4
NYSEG-E 7.5 – 65.8 NYSEG-G 2.5 – 24.4 RGE-E 7.5 – 55.1 RGE-G 2.5 – 25.7
AMI (~$488M capital investment) 2020: $54M 2021: $90M 2022: $97M 2023: $119M 2024 $98M 2025: $28M Deployment Begins 2Q2022
Staging NYSEG $250K - $1.5M RGE $250K - $1.25M
Per event (unlimited number of events), with 85/15 sharing (Reserve/Company) in excess of upper threshold
Rate Adjustment Mechanism Used to return or collect the Customer Bill Credits beginning in RY2, and the net balance of other eligible deferrals & costs, including property taxes, major storm deferral balances, gas leak prone pipe replacement, REV & EV costs & fees not covered by other recovery mechanisms
Reconciliations (full or downward only, including with carryover)
Decoupling, major storms, environmental expenses, energy efficiency, debt cost, labor, pensions/OPEBs, property taxes, pipeline integrity costs, economic development & low income programs, downward only: vegetation management, net plant, labor, pipeline integrity costs
* Excludes regulatory amortizations, which add to revenues
15 June / 2020 / www.avangrid.com / www.avangrid.com
Networks Updates
CMP • Authorized $17.4M (6.88%) rate increase effective March 1st, storm recovery effective Jan 1st • ROE 9.25%, -1.00% ROE adjustment until customer service metrics achieved for 18 months;
50% authorized equity • CMP proposed delayed collection of deferred storm costs & Tier 2 storm reserve funding to
reduce customer bill impact in light of COVID-19
FERC NOPR Expanding ROE Incentives • Increased RTO participation incentive from 50-100 bps (automatic) • Cap on ROE incentives for new projects proposed at 250 bps
NECEC Update • Land Use Planning Commission approval January 8th • ME DEP Approval received May 11th • Awarded >$300M in contracts to Maine-based companies • Ballot initiative ongoing; lawsuit challenging constitutionality of referendum filed May 12th
Transmission RFP • MREI (Maine Renewable Energy Interconnect Project): MEPCO(1) bid into the Maine PUC
RFP to provide transmission solutions for the sale of renewable energy & RECs provided by a renewable energy developer; RFP award is expected by December 31, 2020
(1) MEPCO is an existing affiliate of CMP and Emera Maine; Currently CMP owns 78.3% of MEPCO’s common stock. MEPCO owns and operates a 345 KV transmission interconnection in Maine.
16 June / 2020 / www.avangrid.com 16 / www.avangrid.com
Renewables Business
17 June / 2020 / www.avangrid.com / www.avangrid.com
Contracted Renewables Projects ’20 – ’23
Wind
Solar
Offshore Wind La Joya I
& II 306 MW
Camino Solar 57 MWdc
Camino Battery 11 MW
Tatanka Ridge
155 MW
Otter Creek 158 MW
COD March 2020
Lund Hill Solar
193 MW
Montague Solar
215 MW
Roaring Brook 81 MW
Mohawk Solar 125 MW
Bakeoven Solar
80 MW Vineyard Wind Offshore 400 MW
2020: ~700 MW 2021: ~488 MW 2022: ~193 MW 2023+: ~400 MW
18 June / 2020 / www.avangrid.com / www.avangrid.com
Renewables Portfolio
Contracts as of April ’20 (MW) 2,612
Onshore Wind & Solar with Executed Contracts: 2,212
COD in ’19 831
Wind 831
Add’l Contracts 1,381
Wind 700
Solar (MWdc) 670
Battery 11
Offshore Wind(2) 400
14.9 18.0 +21%
Growing Renewables Pipeline (GW)(1)
(1) Pipeline includes assets under construction, solar in MWdc, and our 50% interest in two offshore leases. (2) Represents our 50% interest in the Vineyard Wind 800 MW project.
2018 1Q 2020
Projects with Est. ’20 COD
~MW Repowering ’20 ~MW
Otter Creek (IL) 158 Colorado Green (CO) 162
Tatanka Ridge (SD) 155 Mountain View III (CA) 22
La Joya (NM) 306 Trimont (MN) 100
Roaring Brook (NY) 81 Klondike II (OR) 81
TOTAL 700 TOTAL 366
’20 Projects
Contracted Projects ’19 – ’23
19 June / 2020 / www.avangrid.com / www.avangrid.com
Offshore Wind
AVANGRID Projects Benefit from Significant, Proven
Global Offshore Experience
• ~5 GW Pipeline • Deep technical knowledge & engineering
experience • Well developed supply chain, relationships &
purchasing power • Experience managing offshore O&M
Iberdrola & ScottishPower • West of Duddon Sands & Wikinger
ON TIME & ON BUDGET • East Anglia 1 progressing according to plan
• Additional > 3 GW pipeline of projects under development in Europe
20 June / 2020 / www.avangrid.com / www.avangrid.com
Offshore Wind Opportunities
Vineyard Wind, MA 50% (Joint with CIP)
up to 1.5 GW (Renewables 50% ownership)
Projects:
Vineyard Wind 800 MW Park City Wind 804 MW
Vineyard Wind, MA 50% (Joint with CIP)
up to 1 GW (Renewables 50% ownership)
1
2
Kitty Hawk, NC 100% Avangrid
Renewables up to 2.5 GW
(Site Assessment Plan approved by BOEM
2/20/2020)
AVANGRID Offshore Wind Lease Areas
1
2
ST Targets (MW) Selections to Date (MW)
MA 1,600 by ’27 1,600 by ’35
MA I: 800 (Vineyard Wind May ’18) MA II: 804 (Oct ’19)
CT 2,000 by ’30 CT I: 200 (June ’18) CT II: 200 (Dec ’18) CT III: 804 (Park City Wind Dec ’19)
NY 9,000 by ’35 NY I: 1,700 (July ’19) NY II: RFP for 1,000 - 2,500 MW in
’20
RI 1,000 by ’20 RI I: 400 (May ’18)
AVANGRID Offshore Wind Opportunities in the North East
3
21 June / 2020 / www.avangrid.com / www.avangrid.com
Renewables Updates
Onshore Wind Projects • 158 MW Otter Creek Wind Project (IL) reached COD in March • Trimont (100 MW) & Mountain View III (22 MW) repowering installation completed • Colorado Green (162 MW) ~50% repowering installation completed • Wind production: MTD through May 13 we were –3% vs. life-to-date average & +34%
vs. ’19; YTD through May 13 we were –3% vs. life-to-date average & +29% vs. ’19 Vineyard Wind 800 MW Project(1)
• Coast Guard announced completion of The Areas Offshore of Massachusetts and Rhode Island Port Access Route Study (PARS) focusing on the 7 lease areas south of Martha’s Vineyard recommending the 1 n.m. x 1 n.m. turbine layout supported by the project developers
• Bureau of Ocean Energy Management (BOEM) – issued Draft Supplement to Environmental Impact Study (EIS) ahead of schedule on June 9th
• Final EIS Final November 13th, Record of Decision & Approval December 18th
(1) AVANGRID’s 50/50 partnership with Copenhagen Infrastructure Partners (CIP).
Park City Wind 804 MW Project (1) • Executed contracts with CT LDCs & filed with CT PURA - awaiting PURA’s review/approval Kitty Hawk Project • Site-assessment plan (SAP) approved by the BOEM; Preparing to deploy instrumentation to commence wind, wave & tidal monitoring program Other Offshore Updates • On April 23rd, the NY PSC approved the order for the next New York Offshore Wind RFP (NY-II) for 1,000 MW to 2,500 MW • VA Governor signed legislation in April for 5,200 MW of offshore wind by 2035 • North Carolina issued RFP for offshore wind assessment, proposals due June 15th
22 June / 2020 / www.avangrid.com 22 / www.avangrid.com
ESG
23 June / 2020 / www.avangrid.com / www.avangrid.com
Environmental, Social and Governance (ESG) - Commitment Investing in a Smarter, Cleaner and More Sustainable Future
As of the end of ’19, Avangrid Renewables produced ~ 17,479 GWh of clean, renewable energy
The energy delivered from our facilities has allowed our customers to avoid 12,3 million metric tons of CO2,
which is equivalent to removing 2.6 million cars from the road for a year
7.5 GW(1)
Wind & Solar Installed Capacity
$10.4B
Rate Base(2) 3.3M
Customers(1)
90% Emissions
-free(3)
~18 GW Pipeline(1)
(1) As of 3/31/20. (2) Average for 2019. (3) As of 12/31/19.
24 June / 2020 / www.avangrid.com / www.avangrid.com
Carbon Neutral Pledge
We have pledged to be Carbon Neutral by 2035
• Early & Aggressive Pledge to be Carbon Neutral by 2035 • CO2 emissions intensity almost 6 times lower than the U.S. Utility Average in ’19(1)(2)
(1) Source: U.S. Energy Information Administration, EIA Monthly Energy Review for U.S. data & AVANGRID for internal data (2) The environmental and green attributes attributable to the electric generation from the Avangrid Renewables’ facilities have been or likely will be sold or transferred
to third parties, who are solely entitled to the reporting and other rights to all renewable energy credits, emissions reductions, offsets, allowances and the avoided emissions of greenhouse gas pollutants, collectively environmental attributes. Avangrid Renewables is not claiming ownership of any environmental attributes from its renewable generation fleet for any purpose, including compliance with any federal or state law or reporting to any federal or state agency, or any other present or future federal, state, local, international, foreign, or voluntary renewable energy, emission reduction, or emissions trading program
* Includes MEPCO
25 June / 2020 / www.avangrid.com / www.avangrid.com
Sustainability Goals
AVANGRID’s sustainable policy is built to support the Sustainable Development Goals spearheaded by the United Nations; goals
that the company aims to achieve across all business & philanthropic activities
AVANGRID is committed to sustainable development & respect for the environment & these important values guide
our strategy and actions Corporate Environmental Policy
Biodiversity Policy
Climate Change Policy
Sustainability Report
https://www.avangrid.com/wps/portal/avangrid/sustainability/SustainableBusiness/sustainabilityreports
AVANGRID Sustainability Reports:
26 June / 2020 / www.avangrid.com / www.avangrid.com
AVANGRID Board
Controlled company (81.5% owned by Iberdrola, S.A.) with: • Majority voting in uncontested elections
• Separate Compensation, Nominating & Corporate Governance Committee
3 of the Director nominees are women (21%)
The Board of Directors 13 current nominees
54% Unaffiliated
with Iberdrola
Affiliated
Executive
6 6
1
Independent
27 June / 2020 / www.avangrid.com / www.avangrid.com
AVANGRID ESG Recognition & Awards
Constituent of the FTSE4Good Index Series(1) Part of Carbon Disclosure Project, a global environmental disclosure system
Named best corporate governance for 2019 by both World Finance Magazine & Ethical Boardroom
Received prestigious third party certification of compliance program
(1) Includes companies demonstrating strong Environmental, Social and Governance (ESG) practices. (2) 200 global, publicly-traded firms according to the size of “clean revenue” from products and services that provide solutions for the planet.
Recognized as one of the World’s Most Ethical Companies in 2019 & 2020
Named North American utility with the best corporate governance in 2017 & 2019
A Recognized Leader in Sustainability
A Recognized Leader in Corporate Governance
2020 is the 3rd year AVANGRID earned a place on the Global Clean 200 list(2)
28 June / 2020 / www.avangrid.com / www.avangrid.com
AVANGRID Demonstrates Leadership in Sustainability During this COVID-19 pandemic, we are not losing our strong focus on sustainability
Carbon Emissions • CO2 emissions intensity 6x lower than U.S. Utility Average in ’19 • Pledge of carbon neutrality of generation fleet by ’35
Renewable Generation • 3rd largest wind operator in the U.S.; diversified renewable energy pipeline • Leader in emerging offshore wind industry
Infrastructure • Investments to replace aging transmission & distribution infrastructure &
methane-emitting, leak prone gas distribution pipeline, incorporating advanced technology
• Collaboration with states on Electric Vehicle advancement
Commitment to the U.N. Sustainable Development Goals
Corporate Governance Awards
7th Largest Issuer of Green Bonds in the U.S.
Social
Governance
Environmental
29 June / 2020 / www.avangrid.com / www.avangrid.com
Commitment to Green Financing
Sustainable Finance is part of AVANGRID’s commitment to the U.N. Sustainable Development goals, & is incorporated into our strategy
November 2017 Green Bonds $600 Million
May 2019 Green Bonds $750 Million
April 2020 Green Bonds $750 Million
2018 Sustainable Credit Facility $2.5 Billion
Innovative price-adjustment mechanism based on continuous reduction of AGR emission intensity
30 June / 2020 / www.avangrid.com / www.avangrid.com
Credit Ratings
BBB+ Baa1 BBB+
Fitch (Stable) Moody’s (Negative) S&P (Stable)
AVANGRID
NYSEG A- (Stable) A3 (Stable) BBB+ (Stable)
RG&E A- (Stable) A3 (Stable) BBB+ (Stable)
CMP A (Stable) A2 (Stable) BBB+ (Stable)
UI A- (Stable) Baa1 (Stable) A- (Stable)
CNG A- (Stable) A3 (Positive) A- (Stable)
SCG A- (Stable) A3 (Stable) A- (Stable)
BGC A- (Stable) A3 (Stable) A- (Stable)
31 June / 2020 / www.avangrid.com / www.avangrid.com
Summary
Leading sustainable energy company in the U.S. with carbon neutral generation target by end of ’35
Attractive investment opportunities in Networks & Renewables businesses
Strong balance sheet, investment grade credit ratings & dividend payout
A Leader in U.S. Offshore Wind AVANGRID’s
Long-Term Value
Proposition
32 June / 2020 / www.avangrid.com 32 / www.avangrid.com
1Q ’20:
COVID-19 Response
& Financial Highlights
33 June / 2020 / www.avangrid.com / www.avangrid.com
COVID-19 Response
Customers Community
Society & the Environment
Employees
Donated $2M for coronavirus response & recovery
Donated 31,000 protective masks to hospitals
Coordinating response with legislators & regulators
Implemented customer disconnect moratoriums & waived late payment fees
Minimizing exposure to the public
Continued availability of Customer Service
Activated business continuity plans & emergency ops centers
Social distancing in the office & field & enhanced cleaning
>4,700 (73%) of employees working remotely
Ensuring the continuity of our service Supporting emergency services &
hospitals to provide reliable electric supply Continuing to serve our customers with
ongoing safety, reliability, & storm response
We are actively monitoring & addressing the key COVID-19 impacts to our businesses…
Supporting our Key Stakeholders
…and moving forward with critical infrastructure & renewables investments
34 June / 2020 / www.avangrid.com / www.avangrid.com
COVID-19 - Networks Impacts & Mitigation
• Weather-adjusted load has increased for residential but decreased for commercial & industrial
• All utilities have revenue decoupling for all customer classes, except a portion of CMP-T & MNG
• Expect minimal impact to revenues
Reduced Demand
• Mechanisms exist to recover a portion of uncollectible expenses (CT companies, CMP-T)
• Utilities will request deferral treatment & recovery in each jurisdiction for remaining uncollectible expenses
• CT, ME & NY opened dockets to review COVID-19 impacts
Higher Uncollectibles & Overdue Receivables
• Working closely with suppliers
• Social distancing/compartmentalizing has worked well to limit workforce contraction/spread of virus
• Potential reduction of capital spending for the year; mitigation strategies underway across the portfolio
Capital Spending Rate Cases/Rate Settlements & COVID-19 Cost Recovery
Current expectations based on estimate of 3 months of ‘Stay at Home’ policies & Moratoriums lifted by June 30th
NY: Currently in settlement discussions; Requested delay in effective date until Sept 30th with make-whole provision to April 17th
ME: Proposed delayed recovery of $34M of deferred storm costs & reserve over 2-3 years to mitigate increase
CT: PURA ordered establishment of a regulatory asset for any COVID-19 costs, including uncollectibles
MA: Joint distribution utilities response to MA DPU requests on COVID-19 provisions/costs highlights need to create regulatory asset
35 June / 2020 / www.avangrid.com / www.avangrid.com
COVID-19 - Renewables Impacts & Mitigation
Project CODs
• No defaults currently expected • 97% investment grade
• Within our target of 75-85% of PPA plus hedges (GWh)
• Minor ’20 impacts expected
Merchant Prices
• Work continues on all sites • Social distancing & segregated teams • Turbine deliveries expected later in year for ’20 projects • Repowerings are nearer term and/or complete & low risk • No delays to ’20 project CODs currently expected
Counterparty Credit
PTC risk due to Force Majeure: • 100% PTC qualification is turbine by turbine • Alternative qualification through ‘continuous efforts’ • Industry seeking extension of Safe Harbor provisions
36 June / 2020 / www.avangrid.com / www.avangrid.com
COVID-19 Summary
Successfully operating with 2/3 of staff working remotely & focus on social distancing
Well-positioned with sufficient liquidity & access to capital markets
Decoupling to mitigate sales impacts; engaging with regulators on impacts of uncollectible expenses
Working closely with key suppliers
No delays in ’20 wind projects
Responding to key Stakeholders with our essential services
Our sound business
model is supported by
strong preparation &
engagement
37 June / 2020 / www.avangrid.com / www.avangrid.com
Financial Results 1Q ’20
1Q ’20 Net Income $240M 1Q ’20 Adjusted Net Income(1) $236M
Key Drivers Networks Renewables Consolidated
+ Rate increases - Depreciation - Outage restoration costs
+ New wind assets COD end of ’19 + Existing assets wind production (+19%) - Lower merchant pricing
+ Taxes
$0.70 $0.78
1Q '19 1Q '20
+10.6% EPS
$0.71 $0.76
1Q '19 1Q '20
+8.0% Adjusted EPS (1)
(1) See Appendix for reconciliation of adjusted EPS to EPS.
38 June / 2020 / www.avangrid.com / www.avangrid.com
Results by Business Results improve due to strong wind production, contributions of new assets, & improved availability in Renewables…
(1) See Appendix for reconciliation of adjusted net income to net income and adjusted EPS to EPS. Amounts may not add due to rounding.
…offsetting depreciation in Networks
1Q '19 Networks Renewables Corporate 1Q '20
$0.71 $0.76
($0.01) ($0.07)
Quarterly Adjusted EPS(1)
$0.41
1Q '19 Networks Renewables Corporate 1Q '20
$0.70 $0.78
($0.01) ($0.07)
Quarterly EPS
$0.15 $0.13
39 June / 2020 / www.avangrid.com / www.avangrid.com
RENEWABLES Net Income EPS Adjusted Net
Income(1) Adjusted
EPS(1)
1Q ’20 $52M $0.17 $46M $0.15
Vs. 1Q ’19 $48M $0.15 $41M $0.13
Adjusted EPS Drivers: Wind Production – Existing Assets $0.07
Wind Production – New Assets $0.04
Wind pricing related ($0.01)
Klamath operations & trading ($0.04)
PTCs $0.04
Taxes & Other $0.03 CORPORATE Net Income EPS Adjusted Net
Income(1) Adjusted
EPS(1)
1Q ’20 ($8M) ($0.03) ($8M) ($0.03)
Vs. 1Q ’19 ($21M) ($0.07) ($21M) ($0.07)
Adjusted EPS Drivers: Taxes ($0.07)
NETWORKS Net Income EPS Adjusted Net
Income(1) Adjusted
EPS(1)
1Q ’20 $197M $0.64 $198M $0.64
Vs. 1Q ’19 ($4M) ($0.01) ($3M) ($0.01)
Adjusted EPS Drivers: Rate increases $0.01
Outage restoration costs ($0.01)
Depreciation ($0.03)
Taxes & Other $0.02
Results by Business
(1) See Appendix for reconciliation of adjusted net income to net income and adjusted EPS to EPS. Amounts may not add due to rounding.
40 June / 2020 / www.avangrid.com / www.avangrid.com
Liquidity AVANGRID has sufficient liquidity & access to the capital markets
Liquidity as of 4/24/20 ($B) Outstanding CP was $87M, giving us $2.9B in liquidity
AGR is the 7th largest issuer of Green, Social & Sustainability
(GSS) Bonds in the U.S., & 5th in
the sector
• Issued $750M on April 9
• Matures 2025
• 3.20% Coupon (Treasury +275 bps)
• 2.8x oversubscribed with high-quality orderbook (58% allocated to ESG-focused investors)
• 3rd Green Bond (Total Green Bonds = $2.1B)
New Green Bond
In March, AGR also closed on $237M of tax equity financing
AGR Tax Equity
$2.50
$2.91
($0.09)
$0.50
41 June / 2020 / www.avangrid.com / www.avangrid.com
Financing & Dividends
2020 Estimated Financing
AVANGRID’s Board declared a quarterly dividend of on 4/27/2020, payable on 7/1/2020
Target dividend payout ratio
$0.44/share
65% - 75%
Dividends
$8
$51
2Q 3Q 4Q 2020Holdco OpCos
Maturities ($M)
Estimated Debt Financing(1)
~$2B
$450 ~$200
(1) Includes tax equity financing and $750M Green Bond.
Completed to date: AGR Green Bond $750M Tax Equity (Karankawa, Montague & Otter Creek) $309M Berkshire Gas Private Placement $25M NYSEG Tax-Exempt Bonds $200M
42 June / 2020 / www.avangrid.com / www.avangrid.com
Earnings Outlook
We are highly focused on protecting & supporting our customers, employees, contractors & the communities in which we operate & serve
Due to the COVID-19 situation, we are postponing our Investor Day until the fourth quarter of ’20
We are withdrawing our ’18 – ’22 EPS & Adjusted EPS CAGRs due to the delay in Investor Day & changes in assumptions since February 26, 2019
Affirmed our ’20 EPS of $2.06 - $2.26 & Adjusted EPS(1) of $2.17 - $2.37(2)
(1) See Appendix for reconciliation of adjusted EPS to EPS.
(2) As of April 29, 2020.
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Appendix
44 June / 2020 / www.avangrid.com / www.avangrid.com
Networks Renewables Corporate CONSOLIDATED
EPS $1.69 – $1.94 $0.35 – $0.55 ($0.19) – ($0.05) $2.06 – $2.26
Adjusted EPS(1) $1.70 – $1.95 $0.45 – $0.65 ($0.19) – ($0.05) $2.17 – $2.37
2020 EPS & Adjusted EPS(1) Outlook as of April 29, 2020
Consolidated - COVID-19 - NY rate case outcome + FERC Incentives NOPR +/- FERC ROE decision +/- Outage restoration & staging costs +/- Federal & state legislation & regulation
+/- O&M +/- Wind production & wind project COD +/- Sales/partnerships of renewable projects +/- Merchant pricing
+/- Taxes +/- Best practices & operating efficiencies
Reflects current assumptions including recoverability of COVID-19 related costs
Key Risks & Opportunities
(1) See Appendix for reconciliation of adjusted EPS to EPS.
45 June / 2020 / www.avangrid.com / www.avangrid.com
2020 Outlook Risk Analysis
NETWORKS
Distribution ROE +/- 50 bps ~ +/- $0.07
Transmission ROE +/- 100 bps ~ +/- $0.03
FERC ROE Decision ~ +/- $0.07
Outage Restoration & Staging costs ~ - $0.03 to +$0.01
KEY SENSITIVITIES
RENEWABLES
Wind production NCF +/- 0.5 pp ~ +/- $0.04
Merchant Prices +/- $1/MWh ~ +/- $0.01
Asset Sales ~ - $0.05
CORPORATE
Interest Rates +/- 0.50% on new AVANGRID debt ~ +/- $0.01
46 June / 2020 / www.avangrid.com / www.avangrid.com
Reconciliation Adjusted Net Income 1Q ’20
AVANGRID CONS Networks Renewables Corporate
Net Income Attributable to Avangrid, Inc. 240$ 197$ 52$ (8)$ Adjustments:Add: Mark-to-market earnings - Renewables (18) — (18) — Restructuring charges (1) 3 1 1 0 Accelerated depreciation from repowering (2) 10 — 10 — Income tax impact of adjustments (3) 2 (0) 2 (0) Adjusted Net Income 236$ 198$ 46$ (8)$ Add: Net income (loss) attributable to noncontrolling interests (10) 1 (11) —
Income tax expense (benefit) 10 43 (32) (1)Depreciation and amortization 241 148 93 —Interest expense, net of capitalization 76 68 1 7
Less: Other income (expense) (3) (2) 6 (7) Earnings (losses) from equity method investments (6) 2 (8) —
Adjusted EBITDA 563$ 458$ 100$ 5$
Amounts may not add due to rounding
(in millions)
(1) Restructuring charges relate to costs resulted from restructuring actions involving targeted voluntary workforce
(2) The amount of accelerated depreciation derived from repowering of windfarms in Renewables
(3) Income tax impact of adjustments: $4.7 million from mark-to-market (MtM) earnings, $(0.6) million from restructuring charges, $(2.5) million from accelerated depreciation for the three months ended March 31, 2020.
Three Months Ended March 31, 2020
47 June / 2020 / www.avangrid.com / www.avangrid.com
Reconciliation Adjusted Net Income 1Q ’19
AVANGRID CONS Networks Renewables Corporate
Net Income (Loss) Attributable to Avangrid, Inc. 217$ 201$ 4$ 13$ Adjustments: Mark-to-market earnings - Renewables (3) — (3) — Restructuring charges (1) 0 0 — — Accelerated depreciation from repowering (2) 5 — 5 — Income tax impact of adjustments (3) (0) (0) (0) —Adjusted Net Income 219$ 201$ 5$ 13$ Add: Net income (loss) attributable to noncontrolling interests
(1) — (1) —Income tax expense (benefit) 41 64 1 (24)Depreciation and amortization 217 134 83 —Interest expense, net of capitalization 78 68 4 6
Less: Other income (expense) (7) (1) (3) (3) Earnings from equity method investments 1 3 (2) —
Adjusted EBITDA 560$ 465$ 97$ (2)$
Amounts may not add due to rounding
(in millions)
Three Months Ended March 31, 2019
(1) Restructuring charges relate to costs resulted from restructuring actions involving targeted voluntary workforce reductions within the Networks segment.
(2) The amount of accelerated depreciation derived from repowering of a windfarm(3) Income tax impact of adjustments: $0.9 million from mark-to-market (MtM) adjustment,$(0.1) million from restructuring charges, $(1.3) million from accelerated depreciation for the three months ended March 31, 2019.
48 June / 2020 / www.avangrid.com / www.avangrid.com
Reconciliation 1Q ’20 & 1Q ’19 Adjusted EPS
2020 2019 '20 vs '19Networks 0.64$ 0.65$ (0.01)$ Renewables 0.17 0.01 0.15 Corporate (0.03) 0.04 (0.07) GAAP Earnings Per Share 0.78$ 0.70$ 0.07$ Adjustments:Restructuring charges 0.01 - 0.01 Mark-to-market earnings - Renewables (0.06) (0.01) (0.05) Accelerated depreciation from repowering 0.03 0.02 0.02 Income tax impact of adjustments* 0.00 - 0.01 Adjusted Earnings Per Share 0.76$ 0.71$ 0.06$ Weighted-avg # of Shares (M): 309.5 309.5 Amounts may not add due to rounding
* 2020: EPS Income tax impact of adjustments: $0.02 from mark-to-market (MtM) earnings and $(0.01) from accelerated depreciation - Renewables.
* 2019: EPS Income tax impact of adjustments: $0.01 from mark-to-market (MtM) adjustment and $(0.01) from accelerated depreciation - Renewables.
Three Months ended March 31,
Avangrid, Inc. Reconciliation of Adjusted Non-U.S.GAAP Earnings (Loss) Per Share (EPS)
(Unaudited)
Adjusted 2020
Adjusted 2019
Adjusted '20 vs '19
Networks 0.64$ 0.65$ (0.01)$ Renewables 0.15 0.02 0.13 Corporate (0.03) 0.04 (0.07) Adjusted Earnings Per Share 0.76$ 0.71$ 0.06$ Weighted-avg # of Shares (M): 309.5 309.5 Amounts may not add due to rounding
Non-U.S. GAAP Adjusted Earnings (Loss) Per Share
Three Months ended March 31,
49 June / 2020 / www.avangrid.com / www.avangrid.com
Reconciliation 2020 Guidance as of April 29, 2020
Networks $1.69 - $1.94Renewables $0.35 - $0.55Corporate ($0.19) -( $0.05) U.S. GAAP EPS(1) $2.06 - $2.26
Adjustments:Restructuring/Forward 2020+ costs 0.02Mark-to-market adjustments 0.04Accelerated depreciation on repowering 0.05 Adjusted EPS $2.17 - $2.37
Reconciliation of Non-U.S. GAAP Adjusted 2020 Outlook - Estimated EPSNetworks $1.70 - $1.95Renewables $0.45 - $0.65Corporate ($0.19) - ($0.05) Adjusted EPS $2.17 - $2.37
Assumes approx. 309.5 million shares outstandingAmounts may not add due to rounding; Estimates are not expected to be additive
Avangrid, Inc.Reconciliation of Non-U.S. GAAP Adjusted 2020 Outlook - Estimated EPS
(1) Includes Restructuring/Forward 2020+ costs, the unrealized MtM gain or loss that will be recognized in '20 & an estimate of accelerated depreciation on repowering
50 June / 2020 / www.avangrid.com / www.avangrid.com
Wind Production & Capacity
% 1Q ‘20 vs. 1Q ‘19 West 27% 1,432 +92%
North 19% 983 +13%
Central 16% 840 +10%
East 14% 712 +1%
South 24% 1,236 +66%
TOTAL 100% 5,203 +36%
Wind Production GWh by Region
AGR Quarterly Wind NCF
31.8% 34.0%
24.8% 29.9%
33.7%
1Q 2Q 3Q 4Q
2011-2019 Average2020
Average Capacity Factor by Region
1Q ’20 vs. 1Q ’19 West 31.2% +13.6pp
North 34.3% +3.7pp
Central 32.6% -0.2pp
East 35.4% +0.3pp
South 36.4% +2.7pp
TOTAL 33.7% +5.6pp
51 June / 2020 / www.avangrid.com / www.avangrid.com
Renewables Pricing
$27.4 $18.6
$4.6 $5.9
Merchant Avg. Price(1) ($/MWh)
1Q ‘19 1Q ‘20
REC & Hedge(2)
Energy $49.5 $46.8
PPA Avg. Price ($/MWh)
-5%
1Q ‘19 1Q ‘20 1Q ‘19
$43.3 $38.9
1Q ‘20
Avg. Total Price(2) ($/MWh)
-23% $32.0
$24.5
-10%
(1) Excludes JVs. (2) Includes PPA, merchant & RECS.
52 June / 2020 / www.avangrid.com / www.avangrid.com
Renewables Average Prices by Region
Avg. Total Price(1) Var % vs. 1Q ’19
West -6.7% -$4.0/MWh
North -11.5% -$4.2/MWh
Central -20.8% -$6.9/MWh
East -11.4% -$6.0/MWh
South -20.0% -$7.1/MWh
PPA Price Var % vs. 1Q ‘19
West -12.1% -$8.6/MWh
North -4.0% -$1.5/MWh
Central 1.2% $0.4/MWh
East -4.0% -$2.3/MWh
South -24.3% -$12.3/MWh
Merchant & Hedge Price Var % vs. 1Q ‘19
West -19.3% -$6.4/MWh
North -41.4% -$8.6/MWh
Central -35.3% -$8.8/MWh
East -36.5% -$10.8/MWh
South -3.2% -$0.8/MWh
RECs Var % vs. 1Q ’19
West -56.4% -$11.4/MWh
North -113.7%(2) -$11.4/MWh
Central -116.4%(2) -$11.7/MWh
East 1.4% $0.1/MWh
South -45.9% -$0.9/MWh
(1) Includes PPAs, merchant and RECs. (2) REC inventory adjustment.
53 June / 2020 / www.avangrid.com / www.avangrid.com
Potential AGR Business Impacts(1)
Sensitivities ($M) Pre-Tax
Net Income Cash Assumptions Further Sensitivities
NETWORKS Lower Demand ($1) ($17) 3 month duration; decoupling except CMP-T & MNG +/- ~$3M per month cash impact
Overdue Receivables - ($57) 3 month duration of moratoriums on disconnects +/- ~$8M per month cash impact
Uncollectible Expenses - - 3 months no disconnects (~$18M is expected to be recovered) - ~$3M per month impact, expected to be recovered
Regulatory Impacts - ($34) NY & ME Variability - Ongoing
CAPEX Delays ($2) $62 4% of annual capex Variability
RENEWABLES Project COD/Capex - $52 ’20 COD moves to ’21 (2 mo. delay) Variability
Merchant Power Prices ($2) ($2) Based on forward prices 20% decline ~($13M)
Counterparty Credit - - No defaults expected
Other Other – Increased Finance costs & CARES
($9) $18 Benefit from deferral of S.S. payroll tax Increased financing costs due to higher spreads
Variability in spreads & costs
COVID-19 Key Potential Impacts
(1) Potential impacts are estimates that are subject to change and do not reflect seasonality. Amounts are not intended to be additive.
As of April 29th 1Q’20 Earnings Call
54 June / 2020 / www.avangrid.com / www.avangrid.com
State
Schools Closed
Non-Essential Services Closes
Current Stay at Home Orders
COVID-19 Disconnect Moratoriums for Residential & C&I Customers
NY (NYSEG, RGE)
March 16 March 20 March 22 (NY on Pause); 4-Phase (~2-week) regional reopening
process beginning June 8 in NYC
Voluntary: March 13 until September 7
CT (UI, CNG, SCG)
March 17 March 23 March 23 (Stay Safe, Stay Home)
Phase 2 Re-opening in effect June 17
Order: March 13 (residential) & March 18 (non-residential) until end of civil & public health preparedness emergency
ME (CMP)
March 16 March 25 March 31 (Stay Healthy at Home)
May 29 (Restarting Maine’s Economy)
State of Civil Emergency extended through July 10
Order: March 16 until further notice
MA (BGC)
March 17 March 24 March 23 (Stay Home, Stay Safe)
May 18 & May 25 start of 3-phase re-opening (Safer at
Home)
Order: March 13 until state of emergency lifted
COVID-19 Impacts – Regional Utility Impacts Precautionary social distancing measures & disconnect moratoriums in all states
55 June / 2020 / www.avangrid.com / www.avangrid.com
COVID-19 Impacts – Other Key Areas We are monitoring other areas of potential risk should the pandemic impacts continue beyond three months
Pension Contributions Falling asset returns can reduce pension assets & lower discount rates can increase pension liabilities, causing greater funding obligations in future years
• Returns & discount rates are measured as of the last day of the calendar year, impacting contributions for future years; Markets are volatile & year-end results cannot be predicted
• Pension plan sensitivities as of 12/31/2019: +/- 50 bps discount rates = -/+ $17M pension expense +/- 50 bps asset returns = -/+ $13M pension expense Pension tracker in NY companies
Credit Ratings Lengthy or resurgent pandemic impacts could increase negative cash impacts & credit metrics
Current negative cash impacts relatively moderate & offset by CARES Act benefit & capex reductions; will continue to monitor
Cybersecurity Increase in COVID-themed phishing & ransomware attacks & other scams, fraudulent websites, false news, DDoS attacks, phone & text attacks
Closely monitoring; AGR has its own secure network
Renewables Asset Sales Potentially impacted as businesses focus on COVID-19 Potential delays
Government Assistance Deferral of Social Security payroll taxes
Interest free 3/27 to 12/31 over 2 years ~$27M cash benefit
56 June / 2020 / www.avangrid.com / www.avangrid.com
NECEC Timeline
NECEC Filing Status Expected Completion MA DPU Approval of Contracts Filed July ’18 Approved June ’19
FERC Approval Filed August ’18 October ’18 MPUC Certificate of Public Convenience
& Necessity (CPCN) Filed September ’17 May ’19
Maine DEP & LUPC Filed September ’17 LUPC Certification granted January ‘20
MDEP Approved May 11, 2020
ISO-NE System Impact Study Filed April ’17 I.3.9 approval 2Q ’20
CCIS certificate issuance October ’20
US Army Corps of Engineers (USACE) Individual Permit
Filed September ’17 ~ 90 Days After MDEP approval
Presidential Permit Filed July ’17 ~ 60 days after USACE & I.3.9 approvals
Municipal Approvals Applications submitted to date: 7 Approvals received to date: 1
As needed throughout construction period
57 June / 2020 / www.avangrid.com / www.avangrid.com
KEY Vineyard Wind Approvals Filing Status Expected Completion Federal:
Site Assessment Plan (SAP) Filed March ’17 Approved May ’18
Construction & Operation Plan (COP) Filed Dec ’17 COP Completeness & Sufficiency Review completed Mar ’18
Draft Environmental Impact Statement (EIS) published by BOEM & consultation finalized Jan ’19
Supplement to the Draft EIS – expected June 12, 2020
Final EIS – expected November 13, 2020
Final Record of Decision & Issuance of Permit - Expected December 18, 2020
Federal permitting agencies (expected March 18, 2021, up to 90 days from ROD per BOEM schedule): Army Corps of Engineers – water related National Marine Fisheries Service – marine mammals EPA – air emissions
State:
MA DPUC Approval of Contracts with EDCs Filed July ’18 Approved April ’19
MA Environmental Policy Act (MEPA) Review Final Environmental Impact Report (FEIR) submitted Dec ’18
Final Certificate issued Jan ’19
Regional & Local permits In progress following certification of FEIR Cape Cod, Martha’s Vineyard & Edgartown Commissions
Other TBD
MA Energy Facilities Siting Board (EFSB) Filings in Dec ’17 & Feb ’18 Decision received May ’19
Vineyard Wind Timeline
58 June / 2020 / www.avangrid.com / www.avangrid.com
Renewables Projects
Project ~Total Project MW Type Contract Counterparty ~COD
COD in 2020 (158 MW)
Otter Creek (IL) 158 Wind T-Mobile Mar ’20
Executed Contracts (~1,623 MW)
Tatanka Ridge (SD) 155 Wind #1: Large C&I; #2: Dairyland Cooperative Late ’20
La Joya & La Joya II (NM) 306 Wind Public Service of New Mexico Late ’20
Roaring Brook (NY) 81 Wind NYSERDA – RECs Late ’20
Lund Hill Solar (WA) 193 Solar Puget Sound Energy Mid-Late ’21
Bakeoven Solar (OR) 80 Solar Portland General Electric Late ’21
Montague Solar (OR) 215 Solar Portland General Electric Late ’21
Mohawk (NY) 125 Solar NYSERDA - RECs Early ’22
Camino Solar (CA) 57 Solar City of Riverside Late ’22
Camino Solar (CA) 11 Battery City of Riverside Late ’22
Vineyard Wind #1 (MA) 400 Offshore Massachusetts EDCs No earlier than ’23
Repowering (~366 MW)
Colorado Green (CO) 162 Repower Public Service Co. of Colorado 1H ’20
Mountain View III (CA) 22 Repower California Choice Energy Authority 1H ’20
Trimont (MN) 100 Repower Great River Energy 1H ’20
Klondike II (OR) 81 Repower Project has PPA; Incr. repower production Merchant Late ‘20