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Parent of New York Utility To Sell Renewable Energy Subsidiaries
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Consolidated Edison, Inc. ("Con Edison") announced that it entered into a purchase and sale agreement pursuant to which Con Edison agreed to sell its interest in its wholly-owned subsidiary, Con Edison Clean Energy Businesses, Inc. and its subsidiaries (the "Clean Energy Businesses") to RWE Renewables Americas, LLC, a subsidiary of RWE Aktiengesellschaft ("RWE").
The transaction is valued at $6.8 billion, subject to certain customary adjustments, Con Edison said
"The transaction we announced today will allow Con Edison to sharply focus on our core utility businesses and the investments needed to lead New York's ambitious clean energy transition," said Timothy P. Cawley, Chairman and Chief Executive Officer of Con Edison.
"We will continue to advocate for state approval of utility-owned renewable generation for the benefit of our customers and all New Yorkers," Cawley added.
In light of the pending transaction, Con Edison intends to forego its previously announced plan to issue up to $850 million of common equity in 2022 and withdraws its equity guidance for 2023 and 2024.
The transaction is subject to customary closing conditions, including, among other things, expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and approvals by the Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission. The transaction is not subject to a financing condition. The transaction is expected to close in the first half of 2023, subject to satisfaction of the foregoing conditions, among other things.
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Will Continue To Press Regulator For Approval Of Utility-Owned Generation
October 3, 2022
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Reporting by Paul Ring • ring@energychoicematters.com
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