ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a diversified energy and utility company, today 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. 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. “I would also like to thank the Enstor Energy Services team for their hard work and many contributions to AVANGRID’s success. I wish them well.”
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.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a diversified energy and utility company with more than $32 billion in assets and operations in 27 states. The company owns regulated utilities and electricity generation assets through two primary lines of business, Avangrid Networks and Avangrid Renewables. Avangrid Networks is comprised of eight electric and natural gas utilities, serving approximately 3.2 million customers in New York and New England. Avangrid Renewables operates more than 6 gigawatts of owned and controlled renewable generation capacity, primarily through wind and solar, in 22 states across the United States. AVANGRID employs approximately 6,800 people. For more information, visit www.avangrid.com.