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AVANGRID Completes Sale of Gas Trading Business
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AVANGRID, Inc. announced that its wholly owned subsidiary, Avangrid Renewables Holdings, Inc., has completed the sale of Enstor Energy Services, LLC, to a subsidiary of Castleton Commodities International LLC.
Enstor Energy Services, based in Houston, Texas, is a limited proprietary trading business that provides structured products and hedging services and operates AVANGRID’s gas trading business.
Castleton Commodities International (CCI) is a global commodities merchant with an integrated set of operations consisting of the marketing and merchandising of commodities and the ownership, operations and development of commodities-related upstream and infrastructure assets.
"The sale of the Enstor gas trading business to CCI is consistent with the results of our recent strategic review, and it will help AVANGRID maintain its focus on its core utility and renewables businesses as we pursue our vision of being the preferred U.S. energy company," said James P. Torgerson, chief executive officer of AVANGRID.
AVANGRID separately announced last month that Avangrid Renewables Holdings had reached an agreement to sell its Enstor Gas, LLC natural gas storage business to Amphora Gas Storage USA, LLC, an affiliate of ArcLight Capital Partners, LLC. That transaction is expected to be complete in the second quarter of 2018.
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March 2, 2018
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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