Earlier this week, Iberdrola, one of the leading electric utilities worldwide and the largest renewable energy generator in the world, announced its successful merger with Energy East. Energy East will continue to run as an independent entity despite the change in ownership. As most of you know, Wes von Schack serves as the Chairman, President and CEO at Energy East as well as the Chairman of AEGIS, and we are delighted that Wes will continue in both of these roles.
Iberdrola is the second largest source of wind power in the U.S., with 2,000 MW in capacity, and the company plans to expand that capacity to 6,900 MW by 2012. The newly merged entity now ranks as the fourth largest generator of electricity worldwide. We congratulate Wes on the merger and look forward to his ongoing leadership and guidance at AEGIS.