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Avangrid completes sale of gas trading business

Avangrid Renewables Holdings Inc. on March 2 said it completed the sale of its Houston-based natural gas trading business, ENSTOR Energy Services LLC, to a subsidiary of Castleton Commodities International LLC.

The deal is valued at $64.5 million, according to S&P Global Market Intelligence data.

"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," Avangrid Inc. CEO James Torgerson said in a statement.

The company expects to complete the sale of its natural gas storage business, ENSTOR Gas LLC, in the second quarter.

Castleton Commodities is a global commodities merchant with an integrated set of operations, including marketing and merchandising commodities and developing commodities-related upstream and infrastructure assets.

Avangrid is a subsidiary of Iberdrola SA.