Cohocton Wind Watch: PSC to consider Iberdrola deal later this month
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Friday, August 08, 2008

PSC to consider Iberdrola deal later this month

The proposed $4.5 billion takeover of Energy East Corp. by Iberdrola SA of Spain will come before the state Public Service Commission on Aug. 20 and 27, the PSC announced today.

Energy East is the parent of Rochester Gas and Electric Corp. and New York State Electric and Gas Corp., both headquartered in Rochester.

Iberdrola, a big international utility that specializes in wind energy development, proposed the acquisition of Energy East in June 2007. The deal has been approved by the federal government and by other states where Energy East does business.

New York’s consideration of the deal has been drawn out as the PSC staff and Iberdrola parried over issues including Iberdrola’s ownership of wind farms in Energy East service territory and how much rate relief Iberdrola should provide to RG&E and NYSEG customers.

The Aug. 20 PSC session is a regular meeting of the five-member board, while the Aug. 27 session is a special meeting.

Both meetings will be held at PSC offices at Three Empire State Plaza in Albany.

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