Saturday, January 26, 2008

State weighs in on proposed sale of RG&E's parent company

The staff of New York State’s Public Service Commission has cast a shadow on the proposed sale of RG&E’S parent company, Energy East, to Iberdrola, a Spanish company.

The P.S.C. staff has filed a lengthy report after what it says was a thorough analysis.

The report concludes, “The acquisition is not in the public interest and should not be approved by the commission.”

The report goes on to say that the proposed merger “imposes real, tangible costs and risks on customers and it offers no tangible monetary benefits to ratepayers.”

Iberdrola is the world's largest producer of power from wind. In 2007, the Spanish company agreed to buy Energy East for $4.5 billion.

But the deal has to be approved by the P.S.C. and there will be months of hearings and additional testimony before a final decision is made.

RG&E was bought out by Energy East in 2002. Energy East also owns NYSEG.

Voice Your Choice Say NO to Overhead Power Lines

No comments:

Post a Comment