New York PSC Approves Iberdrola Takeover of Energy East
September 5, 2008
The New York Public Service Commission has approved a E3.4 billion takeover of US-based electricity generation group Energy East by Spanish energy major Iberdrola, subject to pre-conditions, according to AFP.
The New York Public Service Commission (PSC) has set a series of pre-conditions which are required to be met by Iberdrola before proceeding with the acquisition.
Energy East is reported to have 1.7 million electricity and 0.9 million gas customers. Regulators in the states of Connecticut, Maine and Massachusetts, where Energy East has operations, have also approved the takeover.
Iberdrola is yet to make an official decision on whether to accept the pre-conditions, according to a company spokesperson.