Essential for New York’s transition to clean energy future

Includes $6 billion in necessary investments in reliability, resiliency, and customer service

New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E), subsidiaries of Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today received approval from the New York Public Service Commission (PSC) for their Reliable Energy New York plan, which will enable the Utilities to make critical investments in reliability, resiliency, and customer service and help achieve New York’s Climate Leadership and Community Protection (CLCPA) goals. The PSC ruling sets electric and gas rates through April 2026 and comes after more than a year of extensive engagement and negotiation with the New York State Department of Public Service and a variety of external stakeholders. It was supported fully or in part by eight intervenors including the staff of the New York State Department of Public Service, IBEW Local Union 10, and the New York Power Authority.

“This plan is an investment in the future reliability and resiliency of the New York grid,” said Pedro Azagra, Avangrid CEO. “Each year, the impacts of climate change increase and we need to make investments to not only mitigate these risks for our customers, but also enable more renewable energy like wind and solar. We appreciate the work by the Department of Public Service staff and thoughtful deliberation by the Public Service Commission to bring the “Reliable Energy New York,” plan to fruition.”

“Our mission is to serve our customers safely and reliably,” said NYSEG and RG&E President and CEO Trish Nilsen. “The Reliable Energy New York plan will allow us to make critical investments in our gas and electric infrastructure to improve reliability, expand our energy efficiency offerings, execute on important pilots to test new technologies to support our green energy future, and provide additional assistance to those who need it.”

The investments approved today are consistent with New York State’s Climate Leadership and Community Protection Act with plans to expand the capacity of the transmission system. It also includes more than $1 billion of investments to focus on serving our customers, with increased bill assistance and expanded protections during extreme temperature events. Overall, the approval will support 231 new jobs at the Companies as well as 716 indirect jobs in New York state. The average residential customer’s monthly bill will increase by approximately $10 to achieve these improvements. Customers can expect to see this increase beginning November 1, 2023.

Several New York economic development organizations and unions reacted to today’s decision by the PSC.

"IBEW Local 10 and 36 thank the Public Commission for approving NYSEG and RG&E’s ‘Reliable Energy New York plan.’ These investments are critical to upgrading our aging infrastructure and will allow the men and women of IBEW at NYSEG and RG&E to continue to provide safe and reliable service for customers while securing hundreds of jobs,” said Dan Addy IBEW Local 10, business manager/financial secretary and Jeffrey Sondervan, IBEW Local 36, president/business manager/financial secretary

“The Business Council of New York State appreciates the Public Service Commission for its approval of NYSEG and RG&E’s, ‘Reliable Energy New York plan,’” said Heather Mulligan, president & CEO, The Business Council of New York State. “As we move towards the requirements of the Climate Leadership and Community Protection Act, utilities need to be given the necessary resources to make critical investments while trying to lower the impact on customers and businesses across the state.”

Ryan Silva, executive director of the New York State Economic Development Council said, “NYSEG/RG&E are a critical part of New York’s economic development ecosystem and we thank the Public Service Commission for its approval of the Companies’ ‘Reliable Energy New York plan.’ This plan will allow the Companies to continue to facilitate large scale industrial attraction, community revitalization initiatives, and adaptive reuse projects through financial support, new infrastructure, and superb technical assistance. These billions of dollars in investments will help bring clean renewable energy onto our electric grid while ensuring that service remains safe, reliable, and affordable. Their success is directly tied to the long-term economic success of New York as they’re invaluable partners to the NYSEDC and our members, and we thank the Commission for its recognition of these needed investments.”

Mariko McDonagh Meier, Convergent Energy and Power’s chief revenue officer said, “We applaud The Public Service Commission for its approval of NYSEG and RG&E’s ‘Reliable Energy New York plan,’ that will allow the market to identify energy storage solutions that will best support a more cost-effective, sustainable, and reliable electric grid. Convergent Energy and Power looks forward to continuing to partner with utilities in New York State to deliver energy storage systems that benefit our customers their and communities.”

About NYSEG: New York State Electric & Gas Corporation (NYSEG) is a subsidiary of Avangrid, Inc. Established in 1852, NYSEG operates approximately 35,000 miles of electric distribution lines and 4,500 miles of electric transmission lines across more than 40% of upstate New York. It also operates more than 8,150 miles of natural gas distribution pipelines and 20 miles of gas transmission pipelines. It serves approximately 894,000 electricity customers and 266,000 natural gas customers. For more information, visit www.nyseg.com.

About RG&E: Rochester Gas and Electric Corporation (RG&E) is a subsidiary of Avangrid, Inc. Established in 1848, RG&E operates approximately 8,800 miles of electric distribution lines and 1,100 miles of electric transmission lines. It also operates approximately 10,600 miles of natural gas distribution pipelines and 105 miles of gas transmission pipelines. It serves approximately 378,500 electricity customers and 313,000 natural gas customers in a nine-county region in New York surrounding the City of Rochester. For more information, visit www.rge.com.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, Avangrid ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2023 for the fifth 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.

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