New York-based energy company, Consolidated Edison, Inc. (commonly known as Con Edison), announced Monday that it has agreed to sell its approximately 6.6% interest in the Mountain Valley Pipeline, LLC to a fund managed by Ares Management for $357.5 million.

The sale, which was disclosed in a regulatory filing, includes the utility subsidiary's stake in both the original Mountain Valley Pipeline and the Mountain Valley Pipeline Mainline Expansion project, a significant interstate natural gas pipeline spanning roughly 303 miles from northwestern West Virginia to southern Virginia. 

The base purchase price of $357.5 million is subject to several adjustments. These factors include accrued taxes, performance assurances, and distributions received by the subsidiary prior to the deal's closing. 

Consolidated Edison also stated the price may increase to cover any capital contributions made to the pipeline venture between the signing of the agreement and the close date.

The transaction is expected to close in the first half of 2026. However, the deal is contingent on meeting customary closing conditions and is subject to the potential exercise of preferential rights by the founding members of the Mountain Valley Pipeline, LLC. 

Preferential rights typically allow existing partners the option to purchase the stake on the same terms.

Consolidated Edison, a major energy company, anticipates using the proceeds from the sale to partially offset its common equity needs for 2026 and for other general corporate purposes. 

This financial move comes as the company continues to focus on its core utility operations and transition to cleaner energy infrastructure, and marks a further divestment of non-core assets by Con Edison.