New York PSC to rule on Iberdrola's $4.5B bid for Energy East

The state Public Service Commission, appointed by the governor and confirmed by the state Senate, sets rates and ensures that adequate service is provided by New York's utilities.

Current PSC Members:

Garry A. Brown, chairman, ex-analyst for energy office.

Patricia L. Acampora, ex-state assemblywoman.

Cheryl A. Buley, former oil market analyst.

Robert E. Curry Jr., lawyer with expertise in energy.

Maureen F. Harris, lawyer with expertise in finance.

The decision by this committee is expected Wed, Aug 27th, 2008

What's at stake?

How much we pay for electricity. Iberdrola SA and the state Public Service Commission staff disagree on how much rate relief Iberdrola should provide if it's allowed to buy the parent of RG&E and NYSEG.

Article in the D&C by Jim Stinson and Gary Craig • Staff writers • August 26, 2008

The future of the world's fourth-largest utility in New York state could soon be at an end, or a beginning.

Iberdrola SA of Bilbao, Spain, has bid more than $4.5 billion for Energy East Corp., the parent company of Rochester Gas and Electric Corp. and New York State Electric and Gas Corp. Fourteen months after the friendly deal was unveiled, Iberdrola is due to get a thumbs up or thumbs down Wednesday from the state Public Service Commission.

At stake are $2 billion in upstate investment, New York's reputation as a place to do business and what might happen to the fourth-highest ...

click on link to read the entire article http://www.democratandchronicle.com/article/20080826/NEWS01/808260336

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