Regulators on New York’s state Public Service Commission have voted unanimously to approve the buyout of Energy East by Spain-based world energy company Iberdrola for $4.6 billion.
This article from Forbes says there are some caveats to New York’s approval:
For example, the commissioners required Iberdrola to put aside $275 million to offset future rate increases. That’s compares with the $646 million PSC staff analysts initially proposed as a condition of the sale.
The commission said Wednesday that Iberdrola must sell the fossil fuel generating plants but may keep the wind energy plants as long as it commits to spending up to $200 million on wind energy development in the state. The company has publicly said it will spend $2 billion on wind energy in New York, but it hasn’t made a firm commitment.
Under the terms the PSC laid out, Iberdrola would also be required to make any future investments in wind energy using money from a non-Energy East subsidiary.
The commissioners, who have had Iberdrola’s proposal before them for more than a year, characterized their decision as a compromise that protects Energy East’s customers while not imposing conditions so onerous they’d cause Iberdrola – which is based in Spain – to nix the buyout.
Iberdola has not commented whether it would accept or reject the offer.


A 13-week study of vehicles fueling with B99 biodiesel had no mechanical issues, ran more smoothly and significantly reduced CO2 emissions and other air toxins compared to petroleum diesel.
While the focus in Minneapolis-St. Paul this week has been the Republican National Convention, another important meeting is set for the Twin Cities later this month.
The company announced today that they are offering free samples of the microscopic cellulosic feedstock powder produced by its processing unit as a way to address those who are skeptical of their claims.
During the Republican National Convention this week, delegates have been educated about ethanol in the state of Minnesota in several ways, thanks to the
Communications Director Bob Moffitt was at the
Brazil is considering a World Trade Organization challenge over the United States ethanol import tariff.
The
A company that turns chicken fat into biodiesel has been honored as the Manufacturing Industry of the Year for small companies for Pasco County on Florida’s Gulf of Mexico coast.