PSC-12-12-00019-P Approval of an Internal Corporate Reorganization of IUSA

3/21/12 N.Y. St. Reg. PSC-12-12-00019-P

NEW YORK STATE REGISTER

VOLUME XXXIV, ISSUE 12

March 21, 2012

RULE MAKING ACTIVITIES

PUBLIC SERVICE COMMISSION

PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. PSC-12-12-00019-P

Approval of an Internal Corporate Reorganization of IUSA

PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:

Proposed Action:

The Commission is considering a petition requesting the approval of an internal corporate reorganization of Iberdrola USA, Inc. (IUSA) as the upstream owner of New York State Electric & Gas Corporation and Rochester Gas and Electric Corporation.

Statutory authority:

Public Service Law, sections 2(11), 5(1)(b) and 70

Subject:

Approval of an internal corporate reorganization of IUSA.

Purpose:

Consideration of approval of an internal corporate reorganization of IUSA.

Substance of proposed rule:

The Public Service Commission is considering a petition filed on February 23, 2012 requesting approval of an internal corporate reorganization of Iberdrola USA, Inc. (IUSA) as the upstream owner of New York State Electric & Gas Corporation (NYSEG) and Rochester Gas and Electric Corporation (RG&E). The reorganization will result in the insertion of two intermediate indirect holding companies upstream from NYSEG and RG&E The first intermediate holding company will be the newly created Iberdrola USA Networks, Inc., which will be owned 100% by IUSA and will own indirectly 100% of NYSEG and RG&E The second intermediate holding company will be Iberdrola Finance UK Limited, which will be owned 100% by Iberdrola, S.A. and will own 100% of the stock of IUSA. The Commission may adopt, reject or modify, in whole or in part, the relief proposed.

Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.state.ny.us/f96dir.htm. For questions, contact:

Leann Ayer, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

Data, views or arguments may be submitted to:

Jaclyn A. Brilling, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

Public comment will be received until:

45 days after publication of this notice.

Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement

Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.

(12-M-0066SP1)