Saturday, February 2, 2008

PSC critical of Spanish utility's merger plan by LARRY RULISON

Iberdrola SA's proposed acquisition of Energy East will hurt state consumers, according to staff reports

ALBANY -- Officials at the state Public Service Commission believe that Spanish utility Iberdrola SA's $4.5 billion acquisition of Energy East Corp. will be bad for New York consumers as planned.
Based in New Gloucester, Maine, Energy East has 3 million customers in New York and New England. Its Rochester-based subsidiary owns New York State Electric & Gas, which serves about 50,000 customers in the Capital Region.

Iberdrola came to the PSC back in August seeking regulatory approval for the deal within six months -- a time period that ended Friday.

PSC approval will take much longer than that. A hearing has been scheduled for Feb. 25, and briefs are due in March. A vote by the PSC's five commissioners has yet to be scheduled.

So far, PSC staff that provide information and recommendations to the commissioners are opposing the deal on several fronts.

(Click to read entire article)

Voice Your Choice Say NO to Overhead Power Lines

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