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Regulators approve Iberdrola acquisition, 4-0

The Public Service Commission early this afternoon unanimously approved Spanish utility Iberdrola SA's proposed $4.5 billion acquisition of Energy East Corp. The PSC approval includes a requirement that Iberdrola commit to at least $200 million in wind power projects statewide, up from $100 million previously. In addition, Iberdrola will be required to provide another $275 million in so-called public benefits. ...Iberdrola will then review the order and decide whether to accept it.

The Public Service Commission early this afternoon unanimously approved Spanish utility Iberdrola SA's proposed $4.5 billion acquisition of Energy East Corp.

The PSC approval includes a requirement that Iberdrola commit to at least $200 million in wind power projects statewide, up from $100 million previously. In addition, Iberdrola will be required to provide another $275 million in so-called public benefits. In this case, that will result in a 5 percent decline in delivery rates for electricity and natural gas paid by Energy East's utility customers in New York, business writer Larry Rulison reports from today's hearing.

Iberdrola has said it plans up to $2 billion in wind power projects statewide, but that isn't a binding investment, Rulison reports.

Energy East's utilities include New York State Electric & Gas and Rochester Gas & Electric. The Maine-based company has 1.3 million customers in upstate New York.

The four PSC commissioners voted shortly after returning from lunch. A fifth commissioner, Cheryl Buley, said last week she was resigning to move to Kentucky and marry. She did not attend today's session.

The PSC now will draw up an "order" that includes all the conditions placed on... more [truncated due to possible copyright]  

The Public Service Commission early this afternoon unanimously approved Spanish utility Iberdrola SA's proposed $4.5 billion acquisition of Energy East Corp.

The PSC approval includes a requirement that Iberdrola commit to at least $200 million in wind power projects statewide, up from $100 million previously. In addition, Iberdrola will be required to provide another $275 million in so-called public benefits. In this case, that will result in a 5 percent decline in delivery rates for electricity and natural gas paid by Energy East's utility customers in New York, business writer Larry Rulison reports from today's hearing.

Iberdrola has said it plans up to $2 billion in wind power projects statewide, but that isn't a binding investment, Rulison reports.

Energy East's utilities include New York State Electric & Gas and Rochester Gas & Electric. The Maine-based company has 1.3 million customers in upstate New York.

The four PSC commissioners voted shortly after returning from lunch. A fifth commissioner, Cheryl Buley, said last week she was resigning to move to Kentucky and marry. She did not attend today's session.

The PSC now will draw up an "order" that includes all the conditions placed on Iberdrola as part of regulators' approval of the deal. While that order isn't expected to be issued today, it likely will be completed quickly. The PSC has 10 days to issue it.

Iberdrola will then review the order and decide whether to accept it.

"We thank the commission for their time and effort on this matter, and we look forward to reviewing the order to determine the next steps," an Iberdrola spokesman said.


Source: http://blogs.timesunion.com...

SEP 3 2008
https://www.windaction.org/posts/16903-regulators-approve-iberdrola-acquisition-4-0
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