Wednesday, August 27, 2008

Iberdrola vote postponed by PSC chairman

Iberdrola's takeover of RG&E and its parent company is still on hold. The state public service commission met this morning. Two of the five commissioners couldn't attend and the chairman postponed a final decision.

Energy East Corporation, which owns RG&E and NYSEG, has agreed to be taken over by the Spanish energy giant but the PSC staff has recommended the deal be rejected saying it's not in the best interest of customers.

Business leaders and people like Senator Chuck Schumer support the takeover. Chairman of the PSC says a final decision could be made at the next meeting September 3.

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