The Times Union's story on foreign ownership of New York utilities ("Alternating currents," Jan. 13) doesn't do enough to underscore the strength of the relationship between Iberdrola SA, a global leader in energy, and its subsidiaries, New York State Electric & Gas and Rochester Gas & Electric. That relationship is a strong one with specific and significant benefits that NYSEG and RG&E customers realize from it.
While U.S. company executives make operational decisions at Iberdrola's U.S. subsidiaries, Iberdrola supports these efforts by sharing its extensive experience, expertise and financial resources.
For example, Iberdrola has requested no dividends since the 2008 acquisition; all earnings have been reinvested in the U.S. operating companies. Furthermore, capital investments at Iberdrola's two New York subsidiaries, NYSEG and RG&E, have increased sharply from an average of $229 million a year in 2003-2007 to $440 million in 2012.
The positive impact of this support is clear: NYSEG and RG&E have met every Public Service Commission-mandated reliability target since the 2008 acquisition by Iberdrola while having the lowest residential electricity bills among the state's investor-owned utilities.
ROBERT KUMP
CEO, Iberdrola USA
New Gloucester, Maine