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Iberdrola to restructure sale of power plants in New York

19 Jul 2011

Spanish utility Iberdrola has been directed by the New York State Public Service Commission to restructure the sale of its fossil fuel power generation facilities in New York, US by offering the plants for sale individually rather than a group.

The fossil fuel power plants owned by Iberdrola affiliates in New York consist of four gas-fired facilities and the recently-retired Russell coal-fired plant.

Iberdrola initially tried to sell the facilities off as a group, but offers failed to satisfy the floor price requirements of the divestiture plan, the company said.

According to the commission, the sale of the power generation assets might attract more interest if packaged in smaller groups.

Iberdrola's exit from the fossil fuel power generation market was a condition to approval of its merger with New York State Electric & Gas Corporation, and Rochester Gas and Electric Corporation in 2008.