Thursday, September 04, 2008

Even A Spanish Wind Is Good For New York

Our federal government has been less than supportive when it comes to alternative energy in the last few years. Supplying our nation with those sources takes away from the profits of oil companies so George Bush naturally hampered efforts to reduce global warming. However, New York State wants to get things done and are willing to work with anyone to reduce our carbon footprint in the Empire State, even if the NYSPSC has to make a deal.

From The NY Times:

The Public Service Commission voted unanimously to allow Iberdrola S.A., a Spanish energy conglomerate, to acquire Energy East, a Maine-based utility with operations in five states.

Iberdrola said earlier this summer that it would invest at least $2 billion in wind turbines across upstate New York if the commission allowed it to acquire Energy East, subsidiaries of which supply electricity or natural gas to 1.7 million customers in the state.

The commission’s decision was the final hurdle for the $4.6 billion deal, which had been approved by federal and other state regulators, but spent a year under scrutiny by the commission’s staff, which recommended that it be blocked.

The deal gives Iberdola a considerable acquisition but New York benefits tremendously as well. Spain and Europe as a whole have encouraged wind and solar industries while the U.S. has remained relatively stagnant on the matter. I'd personally love to see American companies taking care of our clean energy needs, but for now this is the way to go.