The state Public Service Commission said it seeks more information from Energy East Corp. before it can decide whether the company's planned acquisition by Iberdrola is in the public interest.
The administrative law judge assigned to the case granted PSC staff's request that Energy East be required to identify operating subsidiaries of the company that were subject to alternative transactions.
The judge also determined that Energy East produce all material presented to its board of directors for its deliberations regarding the potential deals and Iberdrola's acquisition.
However, the judge determined that Energy East does not have to identify the proposed buyers involved in each of the alternative transactions.
"Consideration of the Iberdrola acquisition and whether that acquisition is in the public interest requires both an assessment of the merits of the acquisition and the merits of available alternatives that were considered at the time and rejected in favor of the proposed transaction," the PSC said in an order issued Wednesday. "In this case, the board of directors of Energy East indicated that two alternative transactions were considered and rejected in favor of the Iberdrola acquisition."
Energy East must disclose the identity of the entities to PSC staff within 10 days of the order.
The PSC said that Energy East initially refused to provide the information based on confidentiality grounds. Energy East later said the information was irrelevant to whether the proposed deal with Iberdrola was in the public interest.
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