NY Regulators OK $4B Iberdrola-Energy East Merger

Law360, New York (September 3, 2008, 12:00 AM EDT) -- New York utility regulators gave the green light Wednesday for the $4.5 billion acquisition of Energy East Corp. by Spanish energy giant Iberdrola SA, subject to conditions designed to protect ratepayers and set forth quality performance incentives.

After a yearlong review of the merger proposal, the New York State Public Service Commission approved the deal while adding provisions to enhance ratepayer financial benefits, mitigate vertical market power, protect the utilities' assets and financial condition, improve transmission and distribution system reliability and strengthen service quality.

“Developing renewable...
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