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Archive for the 'Wind power' Category

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 The Democrat said he is seeking to meet with PSC Chairman Garry A. Brown about Iberdrola’s bid, which likely will be withdrawn if PSC rejects the plan.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 |
| | Comments Off on Energy East deal in limbo, Schumer seeks meeting

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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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