Spanish company agrees to conditions and will buy Energy East for $4.5 billion
Spanish power producer Iberdrola SA said today it has agreed to the conditions imposed by state regulators and will complete its $4.5 billion purchase of Energy East Corp., the owner of New York State Electric & Gas Corp.
Under the terms imposed by the state Public Service Commission, Iberdrola will grant a $275 million credit to NYSEG and Rochester Gas & Electric customers that could be used to reduce rates by as much as 5 percent over the next five years, or to offset future rate increases.
Iberdrola, which has said it would consider investing up to $2 billion in new wind energy projects in New York, also agreed to spend $200 million on new wind parks in the state.
Iberdrola also will sell RG&E’s fossil fuel-fired plants in New York. The company has agreed to present a plan for the sales within 90 days after the deal closes.
The PSC approved the merger last week, becoming the final regulatory agency to grant its blessing to the deal.
dont know how i feel about this one…