EnergyEastQ22007EarningsRelease

Energy East Corporation announced its second quarter 2007 financial results, with earnings per share of $0.12, down from $0.19 in the second quarter of 2006. The primary factors for the year-over-year decline were the impacts of an August 2006 rate order for NYSEG, increased storm costs, and merger costs associated with the proposed acquisition of Energy East by Iberdrola. However, electric and natural gas margins increased due to higher sales volumes and a rate settlement. Additionally, Energy East announced it had entered an agreement to be acquired by Iberdrola at $28.50 per share, pending regulatory approvals.