MS. HALL: My name is Judith Hall, 5029 War Road Cohocton, New York. I'm here representing Cohocton Wind Watch, which is a community based citizen's watch organization which currently is in New York State Supreme Court regarding the UPC Wind Project. CWW strongly opposes the Iberdrola acquisition of Energy East. We've cited five recent news articles in the document which we've given a copy of.
I'll quickly just say, number one was recently reported by CNBC, Iberdrola has been fined $15.4 million by the Commission Nacionale de la Compencia for abusing its dominant position in the electric markets. The CNC is an anti-trust body. The second one cites a report providing documents on the Iberdrola world wide wind power monopolization. Number three is a joint bid pondered for Spain's Iberdrola. French electricity generator EZF and Spanish construction groups and ACS are considering a joint bid for Iberdrola. Um-- four is that a German utility, E.ONAG is setting its sights on Iberdrola, and number five is an article in which Iberdrola prepares to defend against hostile take over. It is quoted that Iberdrola intends to show investors it can deliver the 11 percent annual earnings and dividend growth it promised in October. The point of all these reports is they have a history of anti-trust violations.
An essential part of a wind development monopoly is in place for a hostile take over from two separate European groups. It has stated and announced the delivery of 11 percent annual earnings for investors. These are foreign investors. Why is the Public Services Commission considering this monopolistic foreign company taking control of an essential north east utility company? The Public Services Commission has a primary duty to protect the public. Approving a financial scheme to maximize return on capital is not the mission of the PSC. Electrical deregulation has become the law. The clear and distinct separation between energy generation and distribution is no more. Iberdrola has floated a major European stock to create renewable energy acquisition at the same time when they're own company is a target of a hostile take over. How can the Public Services Commission be true to their stated purpose with such an ill conceived purchase of Energy East?
The fact that Iberdrola is part owner of the Maple Ridge Wind Project and is proposing developments in Hamlin and other towns in central New York illustrates Iberdrola has every intention to violate the separation of generation and distribution. Home land security would be severely compromised with approved foreign control. It is a proven fact that wind electricity is not sustainable. Wind provided electric is substantially more expensive than other methods of generation. The mantra that alternative energy goals must be met in New York State by the citing of wind projects avoids the central issue that sufficient wind patterns do not exist to provide reliable electricity around the state.
Iberdrola seeks to force this kind of marginal technology at best upon every hamlet in a reprehensible attempt to pay the stock holder. How does the New York consumer benefit from such a plot to defraud the rate payer? The effects of eminent domain have been heard at every corner of our state. Scores of local groups have been formed to combat this systematic effort to steal the effective use of our land for the enrichment of foreign countries. The employees of Energy East know all too well what's coming if this is approved by the PSC. Many workers have already been notified that their days are numbered. They're utility customers, too, and when they are out of work how will they afford the cost being charged to finance another corporate rate?
Iberdrola should be denied approval of acquisition based on their history of anti-trust violations currently being investigated with numerous utility companies and state agencies. The conduct of the Public Services Commission is one of those agencies. Under these circumstances it would be immoral for the PSC to approve this. The public wants transparency and protection for the benefit of New York residents. It is crucial that the PSC appreciate the intense opposition. Don't force citizen groups to seek relief in court. Do your job. The people of New York are watching thank you.
07-M-0906_PSH_Roch_022008.pdf
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