Monday's announcement that Energy East had been sold to a Spain-based company caught even the state Public Service Commission off guard.
"We saw that announcement today, just as you did," Anne Dalton, a PSC public affairs officer, said this afternoon. "Nothing has been filed with the Public Service Commission."
Iberdrola, of Bilbao, Spain, said Monday it would buy a 100 percent stake in New York State Electric & Gas Corp. (NYSEG) parent Energy East. The $4.5 billion purchase requires state and federal approval, which is has not yet received, Energy East said.
The deal, which company officials said likely would close in 2008, also is subject to Energy East shareholders' approval. Industry analysts have said that's seen as likely, as the $28.50-per-share price for Energy East represents a 26 percent premium over the company's closing price -- $22.54 -- on Monday, when the sale was announced.
The deal's impact on NYSEG customers is unclear.
Asked how the sale might affect the rates consumers pay for gas and electric, Dalton said, "We have nothing filed with us. We literally have no comment."
Energy East's news release announcing the sale offered little insight, other than to say the sale would "enhance our commitment to customers, through improved quality of supply."
Iberdrola is the nation's second-largest producer of wind power.
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