The Federal Energy Regulatory Commission has issued an order approving the acquisition of diversified energy delivery utility Energy East Corporation by Iberdrola.
In the order, the Federal Energy Regulatory Commission (FERC) noted that the acquisition does not present vertical or horizontal market power issues and that the proposed combination will not harm competition.
The remaining regulatory approvals include state approvals in New York, Maine and New Hampshire. The transaction is expected to be completed in the first half of 2008.
Wes von Schack, chairman and CEO of Energy East, said: The approval by FERC represents the fifth regulatory approval and consent that we have received to date. We continue to receive strong support from all constituencies, including customers, employees and the communities we serve, as Iberdrola is committed to helping us make the necessary infrastructure investments to meet our customers’ future energy needs in an environmentally responsive manner.