- Consolidated Edison Inc Ed has completed one Purchase and sale agreement to sell its clean energy business and its subsidiaries to RWE Renewables Americas LLC, a subsidiary of RWEAG RWEOY. The transaction is valued at US$6.8 billion.
- The transaction is expected to close in the first half of 2023.
- Con Edison will waive its previously announced plan to issue up to $850 million in common stock in 2022 and withdraw its equity guidance for 2023 and 2024.
- The Company had $1.2 billion in cash and cash equivalents as of June 30, 2022.
- “The transaction we announced today will allow Con Edison to focus strongly on our core utility business and the investments needed to advance New York’s ambitious clean energy transition,” said Chairman and CEO Timothy P Cawley.
- Price promotion: ED shares closed 2.17% lower at $85.76 on Friday.
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