A company based in Spain is promising to invest $2 billion (€1.28 billion) in wind energy in New York over the next five years if regulators approve its purchase of Energy East Corp.
The global company, Iberdrola SA, is trying to buy Energy East for $4.6 billion (€2.95 billion). The deal would affect 3 million customers from upstate New York to Maine and would put Rochester Electric and Gas Corp. and New York State Electric & Gas Corp. under foreign ownership.
Company officials are in Albany seeking regulatory approval. Although New York officials support significant expansion into renewable energy to reduce costs and create jobs, the deal is questioned by state Public Service Commission staff regulators who are concerned about whether it will best serve the public in cost and competitiveness.
3 June 2008
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