Pennsylvania Utility With Choice Program To Be Sold

Consolidated Edison, Inc. disclosed in a 10-Q that, in October 2015, upon evaluating strategic alternatives, its Orange & Rockland (O&R) subsidiary entered into an agreement to sell Pike County Light & Power Company to Corning Natural Gas Holding Corporation for $16 million, including estimated working capital adjustments.

The closing of the sale, which the company expects to occur within the next twelve months, is subject to certain regulatory approvals by the New York PSC, FERC and Pennsylvania Public Utility Commission.

At September 30, 2015, Consolidated Edison, Inc. classified the related electric and gas assets and liabilities as held for sale and ceased recording depreciation expense on these assets. O&R recorded an impairment charge of $5 million ($3 million net of taxes), representing the difference between the carrying amount of Pike’s assets and the estimated sales proceeds.