Iberdrola accepts buyout terms
Global energy company Iberdrola will put aside $275 million in a special fund to offset future rate increases and sell fossil-fuel power plants in New York to comply with some of the conditions New York regulators placed on its buyout of Energy East.
The approval of New York's Public Service Commission was the last hurdle for Iberdrola in its $4.6 billion bid for Energy East, which owns Central Maine Power in Maine and power companies in New York, Connecticut and Massachusetts, according to the Associated Press. Maine regulators approved the plan last January.
Iberdrola and Energy East sent letters to New York's PSC Wednesday saying they accept the deal's conditions, the AP reported. Energy East shares rose 35 cents to $28.57 in afternoon trading.
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