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Category — Foreign beneficiaries

Federal and New York Officials Reward Spain’s Iberdrola at the Expense of U.S. Taxpayers, Job Seekers, and Electric Customers

Often it’s hard to tell whether highly questionable actions by federal and state government officials that reward special interests at the expense of U.S. taxpayers, job seekers, and electric customers are due to honest but misguided intentions, skullduggery, malfeasance, incompetence, or simple mistakes.

Consider, for example, the connections between: 

  • Spain-based Iberdrola’s recent announcement that its net profit had doubled, and
  • Actions affecting Iberdrola during the last few months by members of the New York State Public Service Commission (NYS PSC), NY Senator Charles Schumer, US Energy Secretary Steven Chu, and US Treasury Secretary Timothy Geithner.

Please recognize that “connecting the dots” among the actions of these officials will require careful reading of the following four pages.

Iberdrola (Spain) announces doubled profit on February 24:

“MADRID (AFP) – Spain’s Iberdrola, the world’s biggest wind-power generator, said Wednesday its annual net profit in the fourth quarter more than doubled to 795.3 million euros (1.07 billion US dollars)

“But the company reported that for the full year 2009 net earnings weakened due to weakness in core markets, which was offset by higher renewable energy output and greater income from its US unit.

“The results were boosted by income from its US unit Energy East, which helped make up for lower demand in its two main markets, Spain and Britain.” (emphasis added).
How has Iberdrola benefited so handsomely from U.S. and NY officials’ actions?

 

There is little doubt that the following actions by New York State and U.S. government officials were significant factors in Iberdrola’s enviable profit picture: [Read more →]

March 1, 2010   2 Comments