Democrat & Chronicle, August 9, 2008
New York’s Public Service Commission (PSC) will hold two sessions related to Iberdrola’s disputed acquisition of Energy East this month in Albany.
The proposed $4.5 billion takeover of Energy East Corp. by Iberdrola SA of Spain will come before the NY PSC on August 20 and 27, 2008, the PSC announced Friday.
Energy East is the parent of Rochester Gas and Electric Corp. and New York State Electric and Gas Corp., both headquartered in Rochester.
Iberdrola, a big international utility that specializes in wind energy development, proposed the acquisition of Energy East in June 2007. The deal has been approved by the federal government and by other states where Energy East does business.
New York’s consideration of the deal has been drawn out for months by disagreements between the PSC staff and Iberdrola. Foremost among the issues: Iberdrola’s ownership of wind farms in Energy East’s service territory, which the PSC staff opposes because control of both power generation and distribution might stifle competition and how much rate relief Iberdrola should give to RG&E and NYSEG customers.
Because of continuing disagreement, the PSC staff has recommended against approving the acquisition.
The August 20, 2008 PSC session is a regular meeting of the five-member board, while the August 27, 2008 session is a special meeting. Both will be at PSC offices in Albany.