July 1, 2008
New York
New York
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
URL to article: https://www.wind-watch.org/news/2008/07/01/ny-regulators-lock-in-iberdrola-wind-power-pledge/