Orange-based Avangrid to sell natural gas storage subsidiary
The Connecticut-based holding company that oversees all of the U.S. energy companies owned by Spanish utility giant Iberdrola has announced its intention to sell one of its subsidiaries.
Officials with Avangrid said Thursday that the company will move forward with its plans to sell it’s Houston-based natural gas storage subsidiary, Enstor. Avangrid officials aren’t saying how long they think it will take to sell off Enstor or offering an explanation as to why they are selling the business unit.
The Houston-based company operates four underground natural gas storage facilities in Alabama, Mississippi, Texas and New Mexico that have a capacity of 67.5 billion cubic feet. Enstor is in the process of developing a fifth natural gas storage facility in west Texas.
Here in Connecticut, Avangrid’s subsidiaries are The United Illuminating Co., Southern Connecticut Gas and Connecticut Natural Gas.