AVANGRID reaches agreement to sell gas trading business

ORANGE, Conn.–(BUSINESS WIRE)–AVANGRID, Inc. (NYSE:AGR) today announced that Avangrid Renewables
Holdings, Inc., a wholly-owned subsidiary of AVANGRID, has entered into
a definitive agreement to sell Enstor Energy Services, LLC, which
operates AVANGRID’s gas trading business, to CCI U.S. Asset Holdings
LLC, a subsidiary of Castleton Commodities International, LLC (CCI).
This transaction does not include AVANGRID’s Enstor gas storage business.

Enstor Energy Services is a limited proprietary trading business
providing structured products and hedging services. CCI is a global
commodities merchant with an integrated set of operations consisting of
the marketing and merchandising of commodities and the ownership,
operations, and development of commodities-related upstream and
infrastructure assets.

"We are pleased to have reached this agreement to sell the Enstor gas
trading business to CCI," said Jim Torgerson, chief executive officer of
AVANGRID. "The sale of this business to CCI is consistent with the
results of our strategic review of the Enstor gas storage businesses,
including the trading business."

The transaction, which is subject to the satisfaction of customary
closing conditions, is expected to be completed during March 2018.

"On a more personal level, I want to thank the Enstor Energy Services
team for all of their hard work and years of service as part of the
AVANGRID group," said Torgerson. "I'm extremely proud of what the
dedicated group of professionals has accomplished."

Forward Looking Statements: This press release contains a number
of forward-looking statements. Forward-looking statements may be
identified by the use of forward-looking terms such as “may,” “will,”
“should,” “can,” “expects,” “future,” “would,” “could,” “predicts,”
“believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects,”
“assumes,” “guides,” “targets,” “forecasts,” “is confident that” and
“seeks” 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 beliefs and expectations of our management and are subject
to significant risks and uncertainties that could cause actual outcomes
and results to differ materially. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include, without limitation: our 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, grid
disturbances, acts of war or terrorism or natural disasters; the impact
of any change to applicable laws and regulations affecting operations,
including those relating to environmental and climate change, taxes,
price controls, regulatory approvals and permitting; and other presently
unknown or unforeseen factors.

Additional risks and uncertainties are set forth under the “Risk
Factors” in our Annual Report on Form 10-K for the year ended December
31, 2016 and our Quarterly Report on Form 10-Q for the nine months ended
September 30, 2017, which are on file with the Securities and Exchange
Commission. 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
press release, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities laws.

About AVANGRID: AVANGRID, Inc. (NYSE:AGR) is a diversified energy
and utility company with more than $32 billion in assets and operations
in 27 states. The company owns regulated utilities and electricity
generation assets through two primary lines of business, Avangrid
Networks and Avangrid Renewables. Avangrid Networks is comprised of
eight electric and natural gas utilities, serving approximately 3.2
million customers in New York and New England. Avangrid Renewables
operates more than 6 gigawatts of owned and controlled renewable
generation capacity, primarily through wind and solar, in 22 states
across the United States. AVANGRID employs approximately 6,800 people.
For more information, visit www.avangrid.com.

About CCI: CCI is a global commodity merchant with an integrated
set of operations consisting of the marketing and merchandising of
commodities and the ownership, operations and development of
commodities-related upstream and infrastructure assets. CCI markets a
broad range of physical commodities including natural gas, natural gas
liquids, electric power, refined products, crude oil, fuel oil, freight,
base metals, and petrochemicals. CCI is headquartered in Stamford,
Connecticut with offices in Calgary, Canada; Geneva, Switzerland;
Houston, Texas; London, United Kingdom; Shanghai, China; Singapore; and
Montevideo, Uruguay.

Contacts

AVANGRID, Inc.
Media:
Michael A. West, Jr.,
203.499.3858
[email protected]
or
Investor
Relations:
Patricia Cosgel, 203.499.2624
[email protected]