N.Y. agency approves sale of Energy East

ALBANY, N.Y. – New York utility regulators have given the global energy company Iberdrola the go-ahead to buy Maine-based Energy East.

New York’s Public Service Commission voted 4-0 to approve the $4.6 billion deal Wednesday. It was expected to consider the proposal last week, but postponed that decision after two of its five members couldn’t make the meeting.

Energy East owns Rochester Gas and Electric Corp., New York State Electric and Gas, as well as power companies in Maine, Connecticut and Massachusetts. Regulators in each of those states have approved the takeover.

As a condition of the deal, the PSC is requiring Iberdrola to put aside $275 million to offset future rate increases, compared with $646 million proposed by staff analysts who opposed the deal over concerns rate payers might be hurt.