ED · 8-K · 20260806PR000143

Acquisition / Partnership / Divestiture

CONSOLIDATED EDISON INC · 2026-08-06 · Importance 53 · Surprise 60 · In source text

Con Edison recorded a $189 million pre-tax, or $134 million after-tax, gain from selling its equity interest in Mountain Valley Pipeline, LLC during the first six months of 2026. The MVP gain increased six-month reported earnings by $0.37 per share and was excluded from adjusted earnings. Con Edison also incurred $4 million of pre-tax and $3 million of after-tax transaction costs for a strategic alternatives review of its equity interests in MVP and Honeoye Storage Corporation. The company’s 2026 full-year adjusted EPS guidance excludes the MVP gain, which is identified as $(0.37) per share after tax.

Key facts

• Attachment A shows the gain on the sale of Con Edison's equity interest in MVP (net of tax) reduced six months net income by $134 million (0.37 EPS) for the six months ended June 30, 2026. source
• Attachment C shows Con Edison Transmission six-month variation total of $130 million and $0.36 EPS driven by Gain on sale of MVP $134 million (0.37 EPS) partially offset by transaction costs $(3) million (0.01 EPS) and accretion $(3) million (0.01 EPS). source
• The amounts for transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye and the effects of HLBV accounting for tax equity investments "will not be determinable until year-end." source
• Adjusted earnings and adjusted earnings per share in 2026 exclude transaction costs associated with the strategic alternatives review of Con Edison's equity interests in Mountain Valley Pipeline, LLC (MVP) and Honeoye Storage Corporation (Honeoye). source
• Reaffirmed adjusted EPS excludes the gain on the sale of Con Edison's equity interest in MVP ($(0.37) a share after-tax). source
• Reaffirmed adjusted EPS excludes accretion of the basis difference of Con Edison's equity interest in MVP ($(0.01) a share after-tax). source
• Attachment A shows HLBV effects (net of tax) reduced three months net income by $1 million (and reduced EPS by an amount shown as (3) pre-tax) for the three months ended June 30, 2026. source
• Attachment B shows Con Edison Transmission three-month variation items: Accretion of basis difference in MVP $(2) million (0.01 EPS) and Transaction costs for MVP and Honeoye $(1) million (— EPS), total $(3) million (0.01 EPS). source

Impact estimates