September 21, 2010 / 3:17 PM / 10 years ago

Iberdrola says New York price hikes worth $175 mln

MADRID, Sept 21 (Reuters) - Spain’s largest power utility Iberdrola (IBE.MC) said on Tuesday recent energy tariff increases in New York State could boost its revenues over the next three years by $175 million.

A streamlining of New York’s complicated tariff system approved on Thursday could also help the two power and gas companies Iberdrola operates there to improve their credit ratings, the company added in a presentation.

“The net amount to be received by Iberdrola from the regulatory changes should be $175 million over the next three years,” an Iberdrola spokesman said.

Electricity companies operating in New York State filed a joint proposal to adjust electricity rates in July, which was approved by the state’s Public Services Commission on September 16.

“All in all this appears a positive outcome to us. By 2013 the decision could imply a (group) EBITDA uplift of nearly 2 percent compared to consensus estimates,” UBS said in a research note to clients.

At 1443 GMT Iberdrola’s shares were up 0.81 percent, compared with a 0.16 percent gain in the Stoxx 600 European utilities index <0#.SX6P>. (Reporting by Jonathan Gleave; Editing by Greg Mahlich)

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