Friday, January 18, 2008

Iberdrola bid for RG&E parent hits obstacle by Daniel Wallace

(January 18, 2008) — The state Public Service Commission staff is advising against the proposed takeover of Energy East, the parent of Rochester Gas and Electric, by the Spanish utility Iberdrola SA.

The recommendation doesn't mean the $4.5 billion deal won't go through, but it does put up a barrier that the companies will need to overcome.

The PSC staff said that ownership by Iberdrola wouldn't benefit customers either in terms of rates or service reliability.

Iberdrola will have until Jan. 31 to file a rebuttal.

The companies have said they hope to complete the transaction in the first half of the year.

Voice Your Choice Say NO to Overhead Power Lines

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