Market Overview

Hydro-Québec and Central Maine Power Announce Another Major Milestone towards a Historic Agreement to Bring Clean Energy to Massachusetts


Hydro-Québec and Central Maine Power Company ("CMP") a subsidiary of
AVANGRID, Inc. (NYSE:AGR), jointly announced the successful conclusion
of contract negotiations with the Massachusetts electric distribution
companies (EDCs) for the New England Clean Energy Connect ("NECEC") 100
percent hydropower project. The Massachusetts EDCs will next file the
agreements with the Massachusetts Department of Public Utilities,
pursuant to the Massachusetts 83D Clean Energy Request for Proposals.

This press release features multimedia. View the full release here:

"We have made important progress with regard to this ground-breaking
20-year agreement, moving us closer towards decarbonization in the
Northeast," said Éric Martel, President and Chief Executive Officer of
Hydro-Québec. "In the coming months we'll be working closely with
Central Maine Power to complete this important new interconnection
project which will not only reduce carbon emissions, but will also bring
price stability and supply reliability to the region."

"The conclusion of these negotiations marks a significant step forward
for the NECEC and the people of Maine, who will realize lasting economic
benefits from this initiative, including new job creation and targeted
investments such as expanded broadband access in Western Maine," said
Douglas Herling, President and Chief Executive Officer of Central Maine
Power. "We appreciate the Commonwealth's bold commitment to bringing
additional, clean energy resources into our region, which further
enhances the decades-long collaboration among our states and the
Province of Québec. We will continue to advance the project in Maine,
where it has received strong support from host communities, the
Governor, the leadership of the State Senate and House of
Representatives as well as the business community."

The contracts with the Massachusetts EDCs provide for the delivery of
approximately 9.45 terawatt hours annually of clean, reliable, baseload
power for twenty years. The energy will be supplied by Hydro-Québec's
vast hydropower generating fleet, which means greater reliability and
less reliance on fossil fuels during extreme winter weather conditions.

Hydro-Québec and AVANGRID are grateful that the Commonwealth of
Massachusetts and its electric distribution companies are taking this
important leap towards a cleaner energy future. We look forward to the
next steps in the review and approval process.

* * *

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About Hydro-Québec:

Hydro-Québec generates, transmits and distributes electricity. It is
Canada's largest electricity producer and is among the world's largest
hydropower producers. Its sole shareholder is the Québec government. It
uses almost exclusively renewable generating options, in particular
hydropower, and supports the development of other sources of energy,
such as wind and biomass, through purchases from independent power
producers. Its research institute, IREQ, conducts R&D in energy
efficiency, energy storage and other energy-related fields. Hydro-Québec
invests $130 million in research every year.

About Central Maine Power: Central Maine Power Company (CMP), a
subsidiary of AVANGRID, Inc. (NYSE:AGR), is Maine's largest electricity
transmission and distribution utility. Established in 1899, CMP operates
approximately 23,500 miles of distribution lines and 2,900 miles of
transmission lines. It serves approximately 624,000 customers across 346
communities in central and southern Maine. For more information, visit

About AVANGRID: AVANGRID, Inc. (NYSE:AGR) is a leading,
sustainable energy company with $31 billion in assets and operations in
24 U.S. states. AVANGRID has two primary lines of business: Avangrid
Networks and Avangrid Renewables. Avangrid Networks owns eight electric
and natural gas utilities, serving 3.2 million customers in New York and
New England. Avangrid Renewables owns and operates 7.1 gigawatts of
electricity capacity, primarily through wind power, with a presence in
22 states across the United States. AVANGRID employs approximately 6,500
people. AVANGRID supports the U.N.'s Sustainable Development Goals,
received a Climate Development Project climate score of "A-," the top
score received in the utilities sector, and has been recognized for two
consecutive years by Ethical Boardroom as the North American utility
with the "best corporate governance practices." For more information,

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