March 13, 2008
Energy East acquisition questioned
Officials in New York are questioning Iberdrola SA's bid for New Gloucester-based Energy East, worried by rumors that the Spanish company, itself, will soon be acquired.
The Maine Public Utilities Commission approved the $4.5 billion deal in late January, but New York's Public Service Commission needs to approve it, too, since Energy East has 1.4 million customers in New York, according to the Times Union in Albany.
Staff at the PSC had until yesterday to reach a settlement with Iberdrola, and negotiations weren't successful, according to a release from Energy East. The PSC staff are concerned by rumors that a French utility ˆ– Electricite de France ˆ– is in talks to buy Iberdrola, the Times Union said.
Now an administrative judge in Albany will consider the case and make a recommendation to the PSC. While Iberdrola had expected to close the deal in June, the judicial process could take longer, the paper said.
The Maine Public Utilities Commission approved the $4.5 billion deal in late January, but New York's Public Service Commission needs to approve it, too, since Energy East has 1.4 million customers in New York, according to the Times Union in Albany.
Staff at the PSC had until yesterday to reach a settlement with Iberdrola, and negotiations weren't successful, according to a release from Energy East. The PSC staff are concerned by rumors that a French utility ˆ– Electricite de France ˆ– is in talks to buy Iberdrola, the Times Union said.
Now an administrative judge in Albany will consider the case and make a recommendation to the PSC. While Iberdrola had expected to close the deal in June, the judicial process could take longer, the paper said.
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