The Roman Catholic Church believes in transubstantiation, what does the Episicopal church believe concerning this same issue?

Consubstantian

"This is known as 'Consubstantian', in contrast to Roman Catholic's Transubstantiation."

http://www.jesus-is-savior.com/False%20Religions/episcopal_church_exposed.htm

The Episcopal church does not believe in transubstantiation; it believes in consubstantiation. That is the basis for why a RC cannot accept Communion at an Episcopal church.

The Episcopal Church does not believe in Transubstantiation, which is documented in the Book of Common Prayer, page 873 in the Articles of Religion. Transubstantiation is the belief that Jesus' physical body and blood are present in the Holy Communion elements. The bread and wine physically are transformed. The Episcopal Church believes Jesus is spiritually present in the the Holy Communion elements.

http://www.flyertalk.com/forum/showthread.php?t=497940&page=12

In the 16th century Protestant reformers offered several alternative interpretations of the Eucharist. Martin Luther taught consubstantion; that Christ is present “in, with, and under” the elements, rather than that the elements of the bread and wine were changed in any way. The Swiss reformer Huldreich Zwingli denied any real connection between the bread and wine and the body and blood of Christ. He believed that at the celebration of the Last Supper, which recalls to worshipers the words and deeds of the Lord, Christ is with them by the power of the Holy Spirit. According to Zwingli, the bread and wine recall the Last Supper, but no metaphysical change takes place in them. John Calvin argued that Christ is present both symbolically and by his spiritual power, which is imparted by his body in heaven to the souls of believers as they partake of the Eucharist. This position, which has been called “dynamic presence”, occupies a middle ground between the doctrines of Luther and Zwingli. The current Anglican doctrine affirms the real presence of Christ, without specifying its mode.

http://ringlingdocents.org/eucharist.htm

As a branch of the Anglican church, the Episcopalian church does not specifically qualify its position on what is specifically entailed within the definition of consubstantion. It is open to interpretation, and varying opinions on the matter have been expressed.