Press Releases
03/02/2018
AVANGRID Completes Sale of Gas Trading Business To Castleton Commodities International LLC
AVANGRID Completes Sale of Gas Trading Business To Castleton Commodities International LLC
ORANGE, Connecticut — March 2, 2018 — 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.
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About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.
With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
