ED · 10-Q · 2026Q2 · Full report

Mountain Valley Pipeline Divestiture

CONSOLIDATED EDISON INC · 2026-08-06 · Importance 41 · Surprise 60 · In source text

Con Edison Transmission completed the sale of its approximately 6.6% equity interest in Mountain Valley Pipeline during the first quarter of 2026. The MVP sale generated a $134 million after-tax gain, or $0.37 per share, in the six months ended June 30, 2026. In April 2026, CECONY and Con Edison Transmission agreed to sell their interests in Honeoye Storage Corporation for $5 million in aggregate, including approximately $1.5 million attributable to CECONY before closing adjustments and expenses. Honeoye’s closing remains subject to approval by the New York State Public Service Commission, and the companies recorded $3 million of transaction costs associated with the strategic alternatives review of MVP and Honeoye.

Key facts

• Con Edison Transmission completed the sale of its approximately 6.6 percent equity interest in Mountain Valley Pipeline, LLC (MVP) during the first quarter of 2026.
• The closing of the Honeoye sale is expected to occur following approval by the NYSPSC.
• During the first quarter of 2026, Con Edison Transmission completed the sale of its approximately 6.6 percent equity interest in MVP for total aggregate consideration of $357.5 million, before certain closing adjustments and expenses.
• Net cash flows used in investing activities for Con Edison were $(2,354) million for the six months ended June 30, 2026 versus $(2,655) million in 2025, a $301 million decrease in cash used, primarily reflecting proceeds from the sale of Con Edison Transmission's equity interest in MVP of $358 million.
• In April 2026, CECONY and Con Edison Transmission entered into an agreement to sell their interests in Honeoye Storage Corporation for $5 million in aggregate, of which approximately $1.5 million was attributed to CECONY, before certain closing adjustments and expenses.
• Net income for common stock and EPS for the six months ended June 30, 2026 included a $134 million gain or $0.37 a share (after-tax) for the gain on the sale of Con Edison's equity interest in MVP.
• Gain on sale of interest in Mountain Valley Pipeline, LLC is shown as $— for the six months ended June 30, 2026.
• Other income decreased $6 million in the three months ended June 30, 2026 compared with the 2025 period primarily due to lower investment income from MVP ($4 million).

Impact estimates