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Avangrid to sell gas trading business to CCI

Published 01 February 2018

Avangrid Renewables has signed a deal to sell Enstor Energy Services, which operates Avangrid’s gas trading business, to CCI U.S. Asset, a subsidiary of Castleton Commodities International (CCI).

This transaction does not include AVANGRID’s Enstor gas storage business.

Enstor Energy Services is a limited proprietary trading business providing structured products and hedging services. 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.

Avangrid CEO Jim Torgerson said: "We are pleased to have reached this agreement to sell the Enstor gas trading business to CCI.

"The sale of this business to CCI is consistent with the results of our strategic review of the Enstor gas storage businesses, including the trading business."

The transaction, which is subject to the satisfaction of customary closing conditions, is expected to be completed during March 2018.

Torgerson added: "On a more personal level, I want to thank the Enstor Energy Services team for all of their hard work and years of service as part of the AVANGRID group.

"I'm extremely proud of what the dedicated group of professionals has accomplished."

Source: Company Press Release