Con Edison Creates Transmission Subsidiary
Consolidated Edison, Inc. (Con Edison) [NYSE: ED] announced today that it has created a new subsidiary dedicated to investing in electric and gas transmission projects that can help expand and diversify energy resources while encouraging competitive pricing for consumers.
John McAvoy, the company's chairman and CEO, said Joseph P. Oates, senior vice president of Corporate Shared Services, will become president of new subsidiary, Con Edison Transmission, Inc. (CET).
"We will be making investments in electric and gas transmission projects that will reach a wide range of customers, providing them with more diverse, low-cost energy supplies," said Oates.
CET will operate Consolidated Edison Transmission, LLC to invest in electric transmission, which includes the company's investments with New York Transco, LLC. CET will also operate Con Edison Gas Midstream, LLC, which will invest in gas pipeline and storage businesses. CET's acquisition of a 12.5 percent interest in Mountain Valley Pipeline (MVP) was announced last week. The agreement has 20-year fixed price agreements for the pipeline's entire capacity rights.
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Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $45 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York state and adjacent sections of northern New Jersey and northeastern Pennsylvania; Consolidated Edison Solutions, Inc., a retail energy supply and services company; Consolidated Edison Energy, Inc., a wholesale energy services company; and Consolidated Edison Development, Inc., a company that develops, owns and operates renewable and energy infrastructure projects.