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Sen. Schumer to meet with PSC chairman about Iberdrola bid
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Before the state Public Service Commission votes on Iberdrola SA’s $4.5 billion bid to buy Energy East Corp., U.S. Sen. Charles Schumer plans to make one last argument in favor of the deal.
His audience? Garry Brown, chairman of the five-member commission.
The PSC and Schumer’s office said Friday that the two men would meet at an undetermined date. Schumer, D-N.Y., has been critical of the staff of the state Department of Public Service, which advises the PSC, and its administrative law judge, Rafael Epstein, who last week recommended that the deal be rejected.
Energy East is the parent of Rochester Gas and Electric Corp. and New York State Electric and Gas Corp., and a sale to Iberdrola would make the Spanish company one of the largest utilities in the state.
Iberdrola said it would invest $2 billion in New York for renewable energy if the deal is approved.
“At issue are upstate jobs and a $2 billion investment in our economy – need I say more?” Schumer said. He said he was seeking an approval “that will keep customer rates low, provide system reliability and bring much-needed wind power to New York.”
Critics have said the deal would concentrate too much power in Iberdrola as both a generator and distributor of electricity.
22 June 2008
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