AVANGRID Subsidiary Central Maine Power Chosen in Bid to Deliver Clean Energy to New England Grid

Massachusetts agrees to the company’s New England Clean Energy
Connect from among 46 proposals as the sole solution in Commonwealth’s
clean energy initiative

ORANGE, Conn.–(BUSINESS WIRE)–AVANGRID, Inc. (NYSE: AGR), a diversified energy company, and its
subsidiary Central Maine Power Company (CMP) today confirmed that the
New England Clean Energy Connect (NECEC) transmission project will
advance as the sole clean energy solution in the Massachusetts Green
Communities Act Section 83D RFP for long-term contracts for clean energy
projects after the Massachusetts electric distribution companies
terminated the conditional selection of the Northern Pass Transmission
proposal.

“We are grateful to Governor Baker, Secretary of Energy and
Environmental Affairs Matthew Beaton, DOER Commissioner Judith Judson,
and the Massachusetts legislature for their resourcefulness and vision
in passing a clean energy law that will allow every resident in the
Commonwealth to benefit from clean renewable energy resources,” said
James P. Torgerson, chief executive officer of AVANGRID. “The NECEC will
supply renewable energy to Massachusetts for twenty years, and it will
continue to deliver benefits for New England consumers for decades
beyond. It is another example of how the AVANGRID companies are
providing effective solutions to the region’s complex energy challenges.
We are committed to investing in clean energy infrastructure, and
delivering on the promise of the NECEC proposal.”

CMP proposed the $950 million NECEC in a joint bid with Hydro-Québec for
a twenty-year contract to deliver renewable energy from Québec to the
New England grid in response to the 83D Clean Energy RFP. Massachusetts
invited CMP to begin negotiations with the electric utilities in
February as an alternate selection to ensure the state could meet the
schedule in the 83D process. The distribution companies require that all
necessary agreements be finalized and executed as soon as possible, and
will continue contract negotiations with the NECEC project to achieve
this conclusion. If acceptable contract terms for the NECEC proposal are
agreed upon, those agreements are anticipated to be filed with the
Massachusetts Department of Public Utilities by the April 25, 2018 date
stipulated in the 83D RFP.

“Our applications for state and federal permits continue to move forward
with the strong support of communities and stakeholders in Maine,” said
Doug Herling, president and chief executive officer of Central Maine
Power. “We believe the NECEC is a cost-effective response to
Massachusetts’ needs. CMP has successfully built other large scale
projects here in our home state, so we’re confident we can meet our
commitments to the Commonwealth.”

The New England Clean Energy Connect includes a 1200 megawatt
high-voltage direct current transmission line linking the electrical
grids in Québec and New England. Host communities in western Maine will
see direct economic gains from the investment and share in the regional
benefits of lower energy costs and reduced greenhouse gas emissions.
Maine county and municipal officials, business leaders, and policymakers
have given strong support for the project. CMP submitted applications
for all state and federal permits in mid-2017. The company expects to
receive state approvals later this year and final federal permits in
early 2019. More information about the NECEC is available on the New
England Clean Energy Connect website.

“The NECEC will deliver a reliable, firm supply of clean energy to
dampen seasonal price instability when high demand puts pressure on
natural gas supplies,” said Bob Kump, president and chief executive
officer of Avangrid Networks, Inc., AVANGRID’s utility holding company
and parent corporation of CMP. “We appreciate the opportunity to advance
cost-effective solutions for the benefit of the Commonwealth’s energy
consumers and the region.”

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,” “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)” “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 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 reasonable current 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 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, 2017 , which is 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 approximately $32 billion in assets and operations
in 27 states. The Company operates regulated utilities and electricity
generation through two primary lines of business, Avangrid Networks and
Avangrid Renewables. Avangrid Networks includes eight electric and
natural gas utilities, serving 3.2 million customers in New York and New
England. Avangrid Renewables operates 7.1 gigawatts of electricity
capacity, primarily through wind power, with presence in 22 states
across the United States. AVANGRID employs approximately 6,600 people.

About CMP: Central Maine Power Company (CMP) is a subsidiary of
AVANGRID, Inc. (NYSE: AGR). As Maine’s largest electricity transmission
and distribution utility, CMP serves 619,000 homes and businesses,
representing about 80% of Maine’s customer base. J.D. Power and
Associates has ranked the company #1 in customer satisfaction seven
times. For more information, visit www.cmpco.com.

Contacts

AVANGRID
Michael A. West, Jr., 203-499-3858
Vice
President, Corporate Communications