Spanish utility Iberdrola will be allowed to purchase Energy East, agreeing to NY’s Public Service Commission’s terms and conditions. These include a requirement that it dedicate $275 million to reduce future rate hikes and invest $200 million in new wind-energy projects.
The $200 million translates to 100 megawatts of new wind power. Each wind farm built by Iberdrola must be approved by the state on a case-by-case basis. Should the company fail to make the additional $100 million in improvements, it must pay 25 percent, or up to $25 million, of the unused money for economic development in its service territories.
Additionally, Energy East subsidiaries New York State Electric & Gas Co. and Rochester Electric & Gas Co. must maintain their current capital investment plans to upgrade their distribution systems and transmission lines. NYSEG has 1.7 million upstate customers, including 63,000 customers in the Albany area. Another condition requires that Iberdrola diversify itself of its fossil-fuel operations in New York.
Source: http://albany.bizjournals.com/albany/stories/2008/09/08/daily29.html Date: 10-09-08
The $200 million translates to 100 megawatts of new wind power. Each wind farm built by Iberdrola must be approved by the state on a case-by-case basis. Should the company fail to make the additional $100 million in improvements, it must pay 25 percent, or up to $25 million, of the unused money for economic development in its service territories.
Additionally, Energy East subsidiaries New York State Electric & Gas Co. and Rochester Electric & Gas Co. must maintain their current capital investment plans to upgrade their distribution systems and transmission lines. NYSEG has 1.7 million upstate customers, including 63,000 customers in the Albany area. Another condition requires that Iberdrola diversify itself of its fossil-fuel operations in New York.
Source: http://albany.bizjournals.com/albany/stories/2008/09/08/daily29.html Date: 10-09-08
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