AVANGRID Shareholders Overwhelmingly Approve All Board Proposals at 2017 Annual Meeting

BOSTON–(BUSINESS WIRE)–AVANGRID, Inc. (NYSE: AGR) announced the voting results from its Annual
Meeting of Shareholders, held today in Boston, Massachusetts. AVANGRID
is pleased to announce that with a quorum of approximately 99%,
shareholders overwhelmingly supported all of the proposals presented at
the meeting. The vote indicates strong support for the Company’s
performance, strategic direction, and governance system.

At the annual meeting, the AVANGRID shareholders voted to elect each of
the 14 nominees to the board of directors to one-year terms expiring at
the company’s 2018 annual meeting.

Additionally, the AVANGRID shareholders voted to approve the following
items proposed by the board of directors, with at least 99% of the votes
cast in favor of each proposal:

• The ratification of the appointment of KPMG US, LLP as its independent
  registered public accounting firm for 2017.
• In an advisory vote, the compensation of AVANGRID’s named executive
  officers as described in the 2017 proxy statement.
• An amendment to AVANGRID’s by-laws to implement a majority voting
  standard in the election of directors in uncontested elections.
• An amendment to AVANGRID’s by-laws to increase the minimum number of
  independent members of the board of directors from three to five.

The amendments to AVANGRID’s by-laws were recommended to shareholders as
part of the board’s effort to continuously improve AVANGRID’s corporate
governance system. The final voting results will be reported on a
current report on Form 8-K that will be filed with the Securities and
Exchange Commission and posted on AVANGRID’s website at www.avangrid.com.

After the annual meeting, Chairman Ignacio Galán addressed the
shareholders, directors and members of management present at the
meeting, noting that AVANGRID is committed to providing sustainable
energy for a better future.

“In today’s energy sector, where current main trends include increased
electrification, more renewable generation, and the implementation of
smarter networks, AVANGRID is uniquely positioned to continue to
redefine itself as the utility of the future.”

“We plan to invest approximately $9 billion in our regulated and
renewable businesses over the next four years, making our networks
smarter and our generation cleaner while increasing earnings-per-share
by 8-10% per year.”

“Furthermore, good corporate governance is a cornerstone of our
company’s culture. The company’s governance system is based on a
commitment to ethical principles, transparency and leadership in the
application of best practices,” Galán said.

Following Chairman Galán’s remarks, AVANGRID CEO James P. Torgerson
reviewed highlights from the previous year.

“During 2016, we achieved the successful completion of key milestones,”
Torgerson said. “We are executing on our strategy with a business model
that is focused on our core businesses and the implementation of best
practices while maintaining our financial strength. And all this is
critical to our unwavering commitment to create value for our
shareholders and increase our dividend over the coming years, beginning
in 2018.”

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a diversified
energy and utility company with more than $31 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.

Forward Looking Statement

Certain statements contained herein 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,” “can,” “expects,” “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 or
other future financial or business performance, strategies or
expectations, or the impact of legal or regulatory matters on our
business, results of operations or financial condition. 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, the risks
and uncertainties set forth under the section entitled “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our Annual Report on Form 10-K for the year
ended December 31, 2016 and our Quarterly Report on Form 10-K for the
quarter ended March 31, 2017, which are on file with the Securities and
Exchange Commission (SEC) and available on our investor relations
website at www.Avangrid.com
and on the SEC website at www.sec.gov.
Additional information will also be set forth in subsequent filings with
the SEC. You should consider these factors carefully in evaluating
forward looking statements. 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
presentation whether as a result of new information, future events or
otherwise, except as may be required under applicable securities laws.

Contacts

Media:
AVANGRID, Inc.
Michael A. West, Jr. , 203.499.3858
[email protected]