Senator Charles Schumer [1] is urging the Public Service Commission [2] to approve a Spanish utility company's $4.5 billion acquisition of Energy East Corp. [3]  Iberdrola [4] is the world-leader in alternative energy production, and has promised to invest $100 million in New York wind farms if the merger succeeds, with a long-term goal of $2 billion.

Chuck Schumer  Many at the Department of Public Service [5] have opposed the deal on the grounds that it will grant Iberdrola too much control of New York's power. The company would be responsible for the production and transmission of 1.3 million New Yorkers' electricity. Many opponents prefer the idea of Iberdrola agreeing not to build any wind farms to the prospect of a power company with so much...power.

Schumer, on the other hand, wants Iberdrola to officially commit more than $100 million to wind farms. He sees the promise of such a major investment in alternative energy as sufficient payment for a virtual monopoly on upstate New York's power supply.

Last Friday, Senator Schumer met with the chair of the PSC, Garry Brown [6]. He said the meeting went well, and seemed confident that a deal would be struck between the parties.