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AVANGRID For Immediate Release Contacts : NEWS RELEASE Analysts : Patricia Cosgel , Patricia.Cosgel@Avangrid.com , 203-499-2624 Media : Zsoka McDonald , Zsoka.McDonald@Avangrid.com , 203-997-6892 AVANGRID Reports Strong First Quarter 2021 Financial Results • Strong financial and operating results as Company remains focused on execution • Raises 2021 EPS & Adjusted EPS Outlook from $ 2.15- $ 2.35 to $ 2.25- $ 2.45 per share • On track with Networks Road to Authorized ROE program • PNM Resources merger expected to close in 2H '21 • Solid operating performance of Renewables fleet , including through Texas weather event • Received Final Environmental Impact Statement ( FEIS ) for Vineyard Wind 1 800 MW offshore wind project ; on track to break ground in 2H '21 • Commenced construction on the New England Clean Energy Connect ( NECEC ) project Orange , CT - May 3 , 2021 - Today AVANGRID , Inc. ( NYSE : AGR ) , a leading sustainable energy company , reported consolidated U.S. GAAP net income of $ 334 million , or $ 1.08 per share , for the first quarter ended March 31 , 2021 , compared to $ 240 million , or $ 0.78 per share for the first quarter in 2020 . On a non - U.S . GAAP adjusted basis , consolidated net income for the first quarter was $ 354 million , or $ 1.14 per share , compared to $ 236 million , or $ 0.76 per share for the first quarter 2020 . " We are off to a strong start to the year and remain focused on execution , " said Dennis V. Arriola , chief executive officer of AVANGRID . " I am pleased that our first quarter results continued the positive momentum that we started last year . We appreciate the continued commitment of our employees to serving our customers safely and reliably in this challenging environment . " " Growth in Networks was driven by the implementation of rate plans in New York and Maine , and by operational improvements as we implement measures to progress on our road to earning our authorized returns on equity at each of our regulated utilities , " added Arriola . " In Renewables , solid operational performance and improving fleet availability contributed to a robust first quarter . We also made good progress on our major projects , Vineyard Wind and the NECEC , and our proposed merger with PNM Resources is on track to close in the second half of the year . " Networks Earnings for the first quarter 2021 compared to the first quarter 2020 benefited from approved rate plans mainly in New York and finance income primarily related to increased capitalized interest , which were partially offset by increased depreciation expense for assets placed in service . Renewables Earnings for the first quarter 2021 compared to the first quarter 2020 benefited primarily due to favorable pricing , mainly related to the Texas weather event , and thermal and trading revenues , which were partially offset by lower production on existing assets due to a strong first quarter 2020 wind resource . Corporate Earnings for the first quarter 2021 compared to the first quarter 2020 improved due to a favorable consolidating tax rate adjustment , which was partially offset by increased interest expense from the issuance of a Green Bond in May 2020. Corporate primarily reflects net interest expenses , taxes period over period and other non - regulated entities as well as intersegment eliminations . 1