Avangrid Terminates Power Purchase Agreements for Park City Wind Offshore Project

Avangrid, Inc., a leading sustainable energy company and member of the Iberdrola Group, has announced the termination of power purchase agreements (PPAs) for the Park City Wind offshore project. The company cited economic challenges, including inflation, supply chain disruptions, and interest rate hikes, as the primary reasons for the termination.

Avangrid was the first offshore wind developer in the United States to publicly address the economic headwinds facing the industry a year ago. Despite efforts to find solutions and engage in discussions with Connecticut state officials, it became evident that the best path forward for Park City Wind is to terminate the PPAs and rebid the project.

The termination of the PPAs will provide all parties involved with an opportunity to pursue an expedient path forward. Avangrid remains committed to its goal of becoming the leading sustainable energy company in the United States. With approximately $41 billion in assets and operations in 24 states, the company has two primary lines of business: networks and renewables.

Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving over 3.3 million customers in New York and New England. Its renewables business includes a portfolio of renewable energy generation facilities across the country.

Avangrid has been recognized for its commitment to sustainability and corporate citizenship. It has been named one of America’s best corporate citizens by JUST Capital and ranked first within the utility sector for its environmental commitment. The company supports the U.N.’s Sustainable Development Goals and has been named among the World’s Most Ethical Companies by the Ethisphere Institute for five consecutive years.

Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information about Avangrid, visit their website at avangrid.com.

Source: [Business Wire](https://www.businesswire.com/news/home/20231002406022/en/)