AVANGRID Renewables - PRESS STATEMENT - Legal response to the initial Administrative Law Judge (ALJ) recommendations to FERC
May 26 2016 - 4:49PM
The following are verbatim excerpts from our legal response to the
initial Administrative Law Judge (ALJ) recommendations to FERC
regarding a 2001 California rate case issue and are intended to
help provide a framework for the basis of our response: (Please
note that Iberdrola Renewables has recently undergone a legal name
change to Avangrid Renewables) 1. The Presiding Judge correctly
finds that Iberdrola did not engage in any unlawful activity in the
spot market. (p18) 2. The Initial Decision correctly determined
that the Iberdrola Contract was the product of nothing other than
fair, arms-length negotiations, and that the contract was untainted
by unlawful conduct. (p68) 3. [I]t is undisputed that the Energy
Crisis ended with the Commission's June 19, 2001, mitigation order,
and that by July 6, 2001, when the Iberdrola contract was signed,
spot market volatility had ended and futures prices had largely
returned to pre-Crisis levels. (p3) The Commission correctly
determined in 2002 that the long-term contracts signed after June
19, 2001, were not impacted by dysfunction, whether generic or
specific to any seller, and the Initial Decision confirms, once
more, that the Iberdrola Contract was not affected by unlawful
conduct. (p7) 4. The Initial (ALJ) Decision contains both findings
of fact and conclusions of law that directly contravene and ignore
Supreme Court precedent and Commission precedent and policies
promoting contract sanctity and underlying the Commission's
market-based rate regime. (p7) This will serve as our only
public statement at this stage of the legal proceedings.
About Avangrid Renewables: Avangrid Renewables,
LLC is a subsidiary of AVANGRID, Inc. (NYSE:AGR) and part of the
IBERDROLA Group. Iberdrola, S.A., is an energy pioneer with the
largest renewable asset base of any company in the world. Avangrid
Renewables, LLC is headquartered in Portland, Ore., and has more
than $10 billion of operating assets totaling more than 6,000 MW of
owned and controlled wind and solar generation in 19 U.S. states.
Avangrid Renewables, LLC recently changed its legal name from
Iberdrola Renewables, LLC, and is in the process of implementing a
rebranding effort. For more information, visit
www.iberdrolaren.com.
About AVANGRID:
AVANGRID, Inc. (NYSE:AGR) is a diversified energy and utility
company with more than $30 billion in assets and operations in 25
states. The company operates regulated utilities and electricity
generation through two primary lines of business. Avangrid Networks
includes eight electric and natural gas utilities, serving 3.1
million customers in New York and New England. Avangrid Renewables
operates 6.3 gigawatts of electricity capacity, primarily through
wind power, across the United States. AVANGRID employs 7,000
people. The company was formed by a merger between Iberdrola USA
and UIL Holdings Corporation in 2015. IBERDROLA S.A. (Madrid: IBE),
a worldwide leader in the energy industry, owns 81.5% of AVANGRID.
For more information, visit www.avangrid.com.
CONTACT: Art Sasse
Avangrid Renewables' Director of Communications and Brand
1125 NW Couch Street, Suite 700; Portland, OR 97209
Telephone: (503) 796-7740;
Mobile (503) 475-0330
art.sasse@iberdrolaREN.com
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