Energy East Files for Public Offering

Energy East [NYSE: EAS] today announced it will seek to issue up to 10 million common shares generating gross proceeds of approximately $240 million. The company is a super regional energy services and delivery company, whose customer base has almost tripled in three years, says the company website.

According to today's press release, Energy East plans to invest over $3 billion through 2011. Major planned investments include:

• $500 million for advanced metering infrastructure in New York and Maine, providing customers with pricing info throughout the day, promoting conservation and improving operational efficiencies
• $500 million in transmission investments, predominately in maine, which will improve electric grid reliability and promote renewable generation
• $500 million for the repowering the Russell Station power plant using clean coal technologies

The company estimates that these efficiency investments could result in CO2 reductions of close to 1 million tons annually, the equivalent of taking 175,000 cars off the road.