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Con Edison (ED) Stock Lower After Announcing $975 Million Joint Venture

NEW YORK (TheStreet) -- Consolidated Edison (ED - Get Report) stock is slumping by 3.17% to $71.13 in mid-afternoon trading on Thursday, after the company announced a joint venture with Crestwood Equity Partners to own natural gas pipelines and storage, connecting robust natural gas supply sources to northeast markets.

The owner of New York's biggest utility will invest $975 million for a 50% stake in the joint venture, Stagecoach Gas Services.

Crestwood will manage the venture, which will own assets in Pennsylvania and New York...