Dispositions

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions

In April 2021, a subsidiary of the Clean Energy Businesses entered into an agreement to sell substantially all of its membership interests in a renewable electric project that it developed and also all of its membership interests in a renewable electric production project that it acquired in 2016. The sales were completed in June 2021. The combined carrying value of both projects was approximately $180 million in June 2021. The net pre-tax gain on the sales was $3 million ($2 million after-tax) and was included within "Other operations and maintenance" on Con Edison's consolidated income statements for the three and six months ended June 30, 2021. The retained portion of the membership interest in the renewable electric project, of $11 million, is calculated based on a discounted cash flow of future projected earnings, and is accounted for as an equity method investment. The portion of the gain attributable to the retained portion of the membership interest was not material for the three and six months ended June 30, 2021. See Note P.

In July 2021, a subsidiary of CET Gas and its joint venture partner completed the first of two closings for the sale of their combined interests in Stagecoach. The first closing was completed for a total sale price of $1,195 million, of which $614 million, including working capital, was attributed to CET Gas. At June 30, 2021, Con Edison recorded an impairment charge of $39 million before tax ($27 million after-tax) representing the difference between the carrying amount of its investment in Stagecoach and the estimated sales proceeds from both closings. See "Investments" in Note A.