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Archive for the 'Utilities' Category

State OKs $4.5B takeover of Energy East

September
3

State regulators today approved the $4.5 billion sale of Energy East Corp. to Iberdrola SA., with a requirement that the Spain-based energy conglomerate credit New York customers $275 million.

The sale includes two New York state subsidiaries: Rochester Gas & Electric Corp. and New York State Electric & Gas Corp., which has nearly 90,000 customers in Westchester, Putnam and Dutchess counties.

New York was the last of four Northeastern states to weigh in on the deal. Connecticut, New Hampshire and Maine previously approved the buyout.

The Public Service Commission 4-0 vote follows a non-binding determination by an administrative law judge in June that state regulators should deny Iberdrola’s takeover of Portland, Maine-based Energy East, saying the sale wasn’t in the interest of New York state residents.

Further, the judge advised that should PSC officials approve the sale, regulators should place conditions on the deal, including requiring Iberdrola to sell wind-turbine generators to prevent any possibility of electricity price manipulation.

Last month, Sen. Charles Schumer, D-N.Y., urged the commission to drop its insistence that Iberdrola sell all its wind power assets, saying that requirement wasn’t in keeping with the goal of moving the state toward renewable sources of energy.

In announcing its approval yesterday, commission Chairman Garry Brown said in permitting the sale, PSC required that Iberdrola credit ratepayers $275 million as a condition in allowing the company to operate both generation and transmission facilities in the state, which the state generally views as unacceptable.

Iberdrola will also be permitted to own and operate Energy East hydroelectric plants but will be required to sell those that operate on fossil fuels, ordering the company to file a divestiture plan of such assets within 90 days of the buyout’s completion.

Iberdrola must file a written statement of acceptance of the commission’s order before the deal can close, PSC said.

Posted by David Schepp on Wednesday, September 3rd, 2008 at 4:36 pm |
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ConEdison Solutions gets NYPA contract

August
1

ConEdison Solutions has been awarded a contract by the New York Power Authority to provide upgrades and services to the nation’s largest state-owned power utility, ConEdison Solutions said today.

Under the contract, granted through competitive bids, ConEdison Solutions will provide efficiency upgrades, including  lighting, motors and controls at NYPA plants in Westchester and New York City.

Services will include conducting feasibility studies, evaluating existing and proposed systems, developing designs, purchasing equipment, installation, supervision of installation and commissioning of equipment, said White Plains-based ConEdison Solutions, a subsidiary of Consolidated Edison Inc.

The amount of the contract will be based on costs associated with individual projects and has yet to be determined, said ConEdison Solutions spokeswoman Christine Nevin. However, the contract’s value is estimated to be in the “low millions,” she said.

Posted by David Schepp on Friday, August 1st, 2008 at 1:47 pm |
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Energy East deal in limbo, Schumer seeks meeting

June
19

New York’s senior senator, Charles Schumer, lashed out at the state’s Public Service Commission today, calling its demands “irrational and illogical,” following a non-binding ruling by an administrative law judge Monday to reject Iberdrola SA’s $4.5 billion buyout of Energy East Corp., parent to New York State Electric & Gas Corp.

NYSEG has nearly 90,000 customers in Westchester, Putnam and Dutchess counties.

The commission is seeking “to place severe restrictions on the world’s leading wind power producer,” Schumer said in a written statement.

In his ruling, the judge urged the commission, should it decide to go ahead with the buyout, to require Iberdrola to sell of all of its wind-energy assets in the state, among other conditions.

But Schumer said that stipulation would risk jobs and a $2 billion investment in the state’s economy. The Democrat said he is seeking to meet with PSC Chairman Garry A. Brown about Iberdrola’s bid, which likely will be withdrawn if PSC rejects the plan.

“I am requesting this meeting to discuss the importance of brokering a deal that will keep customer rates low, provide system reliability and bring much-needed wind power to New York,” Schumer said.

The PSC is expected it issue its ruling on the buyout next month.

New York is the last of four Northeastern states to weigh in on the deal. Connecticut, New Hampshire and Maine have approved the buyout.

Posted by David Schepp on Thursday, June 19th, 2008 at 4:00 pm |
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NYSEG Web site updated to permit outage reports

June
18

New York State Electric & Gas Corp. is advising its electricity customers, which include 85,000 in Westchester, Dutchess and Putnam counties, that they can now report outages through the companies revised Web site (www.nyseg.com), by clicking on the Outage Central tab on the company’s home page.

“While it may seem odd to think about having Web access when the power is out, more and more NYSEG customers are using wireless technology or may be reporting an outage at home from work or another location where the power is on,” the company said.

In addition to reporting outages, customers can also view where service interruptions have occurred by town and street.

In the event of extended outages, news releases and the locations of any emergency shelters and dry ice and water distribution sites are also posted, NYSEG said.

Posted by David Schepp on Wednesday, June 18th, 2008 at 3:33 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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