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Consolidated Edison Inc ED

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Con Ed Announces Sale of Stagecoach; No Change to Our Fair Value Estimate

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $78 per share fair value estimate after Consolidated Edison announced an agreement to divest their 50% ownership interest in the Stagecoach Gas Services LLC, a joint venture with Crestwood Equity Partners LP. The principal asset of the joint venture are three natural gas pipelines with a total capacity of 3 billion cubic feet per day and four natural gas storage facilities with a combined capacity of 41 Bcf. The pipelines and storage facilities are all located in New York and Pennsylvania.

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Company Profile

Business Description

Con Ed is a holding company for Consolidated Edison Company of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York--including New York City--and small parts of New Jersey. The two utilities generate roughly 90% of Con Ed's earnings. The other 10% of earnings comes from investments in renewable energy projects and gas and electric transmission. These investments have resulted in Con Ed becoming the second- largest owner of utility-scale PV solar capacity in the U.S.

Contact
4 Irving Place, Room 700
New York, NY, 10003
T +1 212 460-4600
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 14,071

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