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Con Edison to Sell Renewables Units to RWE for $6.8B
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Con Edison to Sell Renewables Units to RWE for $6.8B

Gas, steam, and electric services provider consolidated Edison (NYSE:ED) is selling its renewable energy subsidiaries to RWE Renewables Americas in a transaction pegged at $6.8 billion.

This includes Con Edison Clean Energy Businesses Inc. and its subsidiaries. The deal is expected to close in H1 2023. Concurrently, Con Edison has withdrawn its plan to issue about $850 million in equity in 2022 and has also withdrawn its outlook for 2023 and 2024.

The move allows the company to focus on its core utility businesses.

Is ED a Good Buy?

Despite the recent decline, ED shares are still up ~21% over the past year and the $88 average price target for the stock indicates it is fairly priced at current levels.

The consensus rating for the stock remains a Moderate Sell based on three Holds and Sells each for the stock at present.

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