Spanish utility company Iberdrola has accepted the conditions set by the New York State Public Service Commission (PSC) in order for the company to acquire Energy East. The decision came following analysis of the conditions stipulated by the PSC.
The PSC authorization involves no limitation on Iberdrola's ability to develop wind power projects in New York. Regulatory approval had been previously obtained from all other federal and state authorities.
According to Iberdrola, the transaction has won broad support over recent months in the U.S. from consumer groups, unions and political leaders.
‘This acquisition is one of the key elements of our 2008-10 strategic plan and gives us an important platform to develop our growth in a market the group has identified as key to its future development,’ says Iberdrola Chairman Ignacio Galan.
With the acquisition of Energy East, the utility's assets in the U.S. are worth $20 billion.