Iberdrola, Energy East have until Sept. 15 to accept regulatory agency's approval conditions

By Lisa Kerner

Charlotte, N.C., Sept. 9 - Iberdrola, SA and Energy East Corp. have until the earlier of 4:45 p.m. ET on Sept. 15 or before the close of the companies' planned merger to provide written acceptance of the New York State Public Service Commission's approval order.

Without the acceptance, the commission will rescind its approval of Energy East's acquisition by Iberdrola, the order stated.

It was previously reported that the commission would require that Energy East affiliates New York State Electric & Gas Corp. and Rochester Gas and Electric Corp. provide $275 million in benefits to gas and electric customers either by reduced rates or smaller increases.

Iberdrola will be allowed to own wind generation assets, with conditions, and its offer to divest fossil fuel plants was accepted.

In June 2007 it was reported that Iberdrola agreed to acquire Energy East in a transaction valued at $8.6 billion, or $28.50 per share.

Energy East is a utility company based in New Gloucester, Maine, and Iberdrola is a utility located in Bilbao, Spain.

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