Consolidated Edison (ED) Agrees to Divest Interest in Mountain Valley Pipeline

Consolidated Edison, Inc. (NYSE:ED) is included among the 11 Energy Stocks to Buy for a Retirement Portfolio.

Consolidated Edison, Inc. (NYSE:ED) operates one of the largest energy delivery systems in the world, providing electric, gas, and steam service to the 10 million people living in New York City and Westchester County.

Consolidated Edison, Inc. (NYSE:ED) recently announced that it has agreed to divest its approximately 6.6% interest in Mountain Valley Pipeline to a fund managed by Ares Management. The deal, which includes the utility’s share in both the Mountain Valley Pipeline and the Mountain Valley Pipeline Mainline Expansion, is valued at $357.5 million. The transaction is expected to close in the first half of 2026, subject to customary closing conditions, as well as the potential exercise of preferential rights by the founding members of the Mountain Valley Pipeline. ED intends to use the proceeds to partially offset its common equity needs for next year and for general corporate purposes.

In other news, Consolidated Edison, Inc. (NYSE:ED) suffered a blow on November 21 when President Trump and New York City Mayor-elect Zohran Mamdani both agreed that the utility needed to cut its rates. The President told reporters at the White House:

“We’ve gotten fuel prices way down, but it hasn’t shown up in Con Edison, and we’re gonna have to talk to them. We have to get Con Edison to start lowering the rates.”

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Disclosure: None.