NY regulators: Lock in Iberdrola wind power pledge
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ALBANY, N.Y. – New York utility analysts say Iberdrola SA should have to make a binding commitment, not just a promise, to spend $2 billion developing wind energy in the state if it is allowed to buy Energy East Corp.
The company pledged the spending if the Public Service Commission _ whose staff questions whether the $4.6 billion deal would be in the public’s interest _ approves it.
In a recent brief, PSC analysts maintain their opposition to the Spanish company owning wind-energy plants in the state.
But they say that if the agency’s five-member decision-making panel “wishes to recognize the proposed $2 billion investment as a benefit, that benefit should be rendered concrete, through a binding obligation.”
A decision on the proposed deal isn’t expected until mid-August at the earliest.
July 1, 2008
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