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06/04/2008 07:10 AM
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Iberdrola Wants to Spend $2B on NY Wind Projects
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Spanish renewable energy company Iberdrola said yesterday it wants to invest $2 billion over the next five years in wind energy projects in New York, according to an Associated Press report.
However, the company said the investment is contingent upon approval by state regulators of the company's purchase of northeast utility Energy East Corp for $4.8 billion. The sale has already been approved by federal regulators and regulators in the other three states served by Energy East.
The deal would affect 3 million customers and place ownership of Rochester Electric an Gas Corp. and New York State Electric & Gas Corp. under foreign control.
Although the deal is supported by many New York officials, who are eager to see the significant investment in renewable energy, some staff members at the New York Public Service Commission are concerned that the purchase of Energy East might decrease competition and lead to higher energy bills for customers.
Iberdrola recently announced its intention to invest $8 billion dollars in U.S. renewable energy--particularly wind power-- from 2008 to 2010.
