Iberdrola, a Spanish alternative energy company, stands to acquire Energy East Corp. [1] for $4.5 billion. Energy East is the parent corporation to New York State Electric & Gas [2] and Rochester Gas & Electric [3], providers that together serve 12% of the state's residents. This deal would be a major expansion for the already international Iberdrola Company [4], which is the world leader in renewable energy and the electricity and natural gas provider for 16 million customers worldwide.
However, the deal isn't quite set. It requires approval by the Public Service Commission [5], the entity responsible for regulating the means by which New York's residents and businesses get their energy. The approval process is a long one, and it will culminate in a vote by the five governor-appointed commissioners in August (at the earliest).
Iberdrola had pledged to invest $2 billion in New York, but on July 3rd the company released a statement saying that if their acquisition of Energy East were to fail, "Iberdrola would not view New York as a state with an attractive regulatory environment in which to target future investment."
Naturally, this development has put a great deal of pressure on the commissioners to approve the deal, but opponents [6] point out that this isn't the last opportunity for New York to benefit from large-scale alternative energy investors.