Company accepts terms to buy NYSEG owner

ALBANY - Global energy company Iberdrola has accepted a series of conditions New York regulators placed on its buyout of Energy East and plans to go ahead with the $4.6 billion deal.

The approval of New York's Public Service Commission was the last obstacle Iberdrola faced in its bid for Energy East, which owns power companies in New York, Maine, Connecticut and Massachusetts. Regulators in the other states had already approved the plan.

Iberdrola - which is based in Spain - met stiff resistance in New York, where staff analysts at the PSC initially took a hard line against the buyout, citing concerns that it wouldn't be in the best interest of state consumers and businesses.