HomeAugust 5, 2016
Consolidated Edison, Inc. Reports Expected Proceeds From Sale of Retail Supply Biz To Constellation
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Consolidated Edison, Inc. in a 10-Q reported the expected proceeds from the previously reported sale of its ConEdison Solutions retail energy supply business to Constellation.
Although terms of the sale of the ConEdison Solutions retail energy supply business were not disclosed, Consolidated Edison, Inc. reported that it estimates that it will receive proceeds from the sale of approximately $200 million, subject to certain adjustments.
The earnings impact of the sale will be determinable at closing when the mark-to-market effects of the derivative instruments being sold are known. The transaction is expected to close by the end of the year.
Consolidated Edison, Inc. said that operating revenues and net income from its competitive energy businesses for the three and six months ended June 30, 2016 includes $263 million and $526 million, and $60 million and $28 million, respectively, related to its retail electric supply business.
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