PORTLAND (AP) – Maine regulators on Wednesday signed off on the $4.6 billion sale of Maine-based Energy East to Spanish utility Iberdrola SA in a deal that affects 3 million customers from New York to Maine.

The Maine Public Utilities Commission acted swiftly after a settlement was reached by Energy East, Iberdrola, Maine’s public advocate, the International Brotherhood of Electrical Workers and several energy consumer and producer groups.

The agreement included 60 conditions covering everything from financial strength and dividends to infrastructure improvements and jurisdictional issues.

“Overall it’s a positive development for Maine. The risks we identified are far outweighed by the benefits of the transaction,” Kurt Adams, chairman of the Maine Public Utilities Commission, said Wednesday from his office in Augusta.

Iberdrola, based in Bilbao in northern Spain, has said the plan fits with its strategy of international expansion. New Gloucester-based Energy East owns utilities in New York, Connecticut, Massachusetts and Maine.

There was no opposition to the deal, which is of special interest in Maine, where 80 percent of electric customers are served by Energy East’s Central Maine Power subsidiary.

The New York Public Service Commission has yet to approve the transaction. But the Federal Energy Regulatory Commission and regulators in other states have all given the necessary approvals, an Iberdrola spokeswoman said.

Iberdrola said the decision by Maine regulators represents a key step to delivering on its “commitment to infrastructure investment, service quality and sustainable development to the benefit of consumers in the Northeastern U.S.”

Energy East’s utility subsidiaries that together employ 5,800 workers would continue to operate under their current names: Berkshire Gas Co., Connecticut Natural Gas Corp., New York State Electric & Gas Corp., Rochester Gas and Electric Corp., and The Southern Connecticut Gas Co., in addition to Central Maine Power Co.

Under the deal, Iberdrola would pay $4.6 billion and assume $4 billion in debt. It also plans to acquire CMP subsidiary Maine Natural Gas. Energy East shares gained 8 cents to $26.03 Wednesday on the New York Stock Exchange.

One of the conditions that was negotiated was Iberdrola’s agreement, through Central Maine Power, to follow the lead of the Maine Legislature and Maine Public Utilities Commission on participation in the regional power grid, Adams said.

In a report to the Legislature, the Maine Public Utilities Commission contends the organization of the New England power grid is “fundamentally flawed” and that Maine could benefit from changes, including withdrawing from the power grid.

Also, Iberdrola has agreed to service quality improvements including doing a better job of trimming trees, Adams said.

The deal would represent Iberdrola’s first direct purchase of a U.S. utility. Iberdrola’s previous acquisition of Scottish Power gave it ownership of Oregon-based PPM Energy, which operates several wind farms in the U.S.

AP-ES-01-23-08 1850EST