Tuesday, September 16, 2008

Iberdrola now owns Energy East

Iberdrola SA has taken possession of Energy East Corp. In a letter to the Federal Energy Regulatory Commission, lawyers for Energy East said the Bilbao, Spain-based utility had closed on the $4.5 billion sale today. Energy East is the parent company of Rochester Gas and Electric Corp. and New York State Electric & Gas. Holders of Energy East’s common stock received $28.50 per share.

The New York Public Service Commission was the last government agency to approve the deal, allowing Iberdrola to continue with wind-turbine construction while keeping its power transmission lines. The PSC voted on Sept. 3. The company will also set aside about $275 million for ratepayer rebates for New York’s 1.2 million customers. JSTINSO@DemocratandChronicle.com


Voice Your Choice Say NO to Overhead Power Lines

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