ALBANY, N.Y. (AP) -- Global energy company Iberdrola says it accepts the terms New York regulators placed on its buyout of Energy East and plans to go ahead with the $4.6 billion deal.
New York's Public Service Commission last week endorsed the deal but imposed several conditions that regulators say are aimed at protecting customers of Energy East, which owns Rochester Gas and Electric Corp. and New York State Electric and Gas.
Those conditions include requiring Iberdrola to put aside $275 million to offset future rate increases and selling its fossil-fuel power plants in keeping with a state policy that power companies shouldn't own both transmission lines and generating plants.
It is allowed to keep its wind and hydropower plants.
The PSC's approval was the deal's last hurdle.
Energy East shares rose 31 cents to $28.53 in afternoon trading.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.