8-KOther Events

CONSOLIDATED EDISON INC 8-K Report, Corporate Update (Nov 24, 2025)

Filed November 24, 2025For Securities:ED

Summary

Consolidated Edison, Inc. (ED) announced on November 24, 2025, that a subsidiary has entered into an agreement to sell its approximately 6.6% stake in Mountain Valley Pipeline, LLC (MVP) to an Ares Management fund for $357.5 million. This sale includes the company's interests in both the Mountain Valley Pipeline and its Mainline Expansion. The proceeds from this transaction are earmarked to help fund Con Edison's common equity needs for 2026 and will also be used for general corporate purposes. The sale is expected to close in the first half of 2026, contingent upon standard closing conditions and the potential exercise of preferential rights by MVP's founding members. This divestment represents a strategic move by Con Edison to manage its capital structure and allocate resources.

Key Highlights

  • 1Con Edison subsidiary to sell ~6.6% interest in Mountain Valley Pipeline, LLC (MVP) and its Mainline Expansion.
  • 2Sale price agreed upon is $357.5 million to an Ares Management fund.
  • 3Transaction expected to close in the first half of 2026, subject to customary conditions and preferential rights.
  • 4Proceeds will be used to partially offset 2026 common equity needs.
  • 5Proceeds will also be utilized for general corporate purposes.
  • 6The base purchase price is subject to adjustments for accrued taxes, performance assurances, distributions, and capital contributions.

Frequently Asked Questions

Con Edison's subsidiary is selling its approximately 6.6% interest in Mountain Valley Pipeline, LLC (which includes its stake in the MVP and its Mainline Expansion) for $357.5 million to an Ares Management fund.

The transaction is anticipated to close in the first half of 2026. However, this is subject to customary closing conditions and the potential exercise of certain preferential rights by MVP's founding members.

Con Edison plans to use the proceeds to partially offset its common equity needs for 2026 and for other general corporate purposes.

Yes, the base purchase price of $357.5 million will be adjusted. It will be reduced by certain accrued taxes, performance assurances, and distributions received before closing, and increased by any capital contributions made by the seller between the agreement signing and closing.