Spanish Wind Firm Cleared to Buy Energy East

Written by Ucilia Wang

Iberdrola [Spanish Stock Exchange ticker: IBE] received approval from New York regulators on Wednesday to buy Energy East (EAS Quote), a proposal that had faced stiff opposition.

The New York Public Service Commission voted 4-0 for the acquisition, but imposed several conditions to address concerns raised by its staff.

The commission's staff had recommended against the acquisition, citing concerns about creating a too-powerful utility and protecting consumers' interest. The staff also recommended forcing Iberdrola to sell its wind farms and hydropower plants because of a state policy that prohibits companies from owning power-generating plants and transmission lines. ...