Avangrid wraps energy services sale

BY Matt Pilon

PHOTO: Brad Kane
PHOTO: Brad Kane
James Torgerson, Avangrid CEO.
Orange electric-gas utility Avangrid, parent of Connecticut Natural Gas, says its renewable-energy subsidiary has completed its sale of an energy-services unit to a Stamford commodities trading firm.

Castleton Commodities International LLC said its acquisition for an unspecified price and terms of Enstor Energy Services from Oregon-based Avangrid Renewables Holdings enhances its natural-gas business. Enstor is an energy-trading operation that provides structured products and hedging services to approximately 100 pipelines and more than 60 storage facilities across the country.

Avangrid CEO James Torgerson said in a statement that the deal follows a recent strategic review and will help the company maintain its focus on its core utility and renewables businesses.

Avangrid Renewables also plans to unload its natural-gas storage unit, Enstor Gas LLC, an affiliate of ArcLight Capital Partners. That deal is slated to close by June.