State Regulators Approve Wind Power Deal
Thursday, September 04, 2008
New York, NY —
State regulators have approved a deal to allow the construction of hundreds of new wind turbines throughout upstate New York.
Spanish energy conglomerate, Iberdrola has acquired Energy East, a Maine-based company, which provides electricity or natural gas to 1.7 million New Yorkers.
The Public Service Commission which approved the deal, originally opposed allowing Iberdrola to build wind turbines. The commission had argued that having a single company creating wind power could lead to price manipulation, but the commission approved the deal, after Iberdrola agreed to certain market restrictions.
The deal requires the company to invest $200 million in wind power, and it's expected to double the state's wind power capacity within a few years.