CITIZEN POWER ALLIANCE

How big is Iberdrola’s bet? The old rule of thumb (1 million euros buys the hardware and pays to install a megawatt of wind power) no longer applies for sure given price inflation in steel, components, and other things that make up turbines. But Iberdrola’s latest U.S. push is clearly in the same league as Mr. Pickens’ 4-gigawatt Pampa Wind Project, the biggest to date in the U.S., and on paper the same size as four smallish nuclear plants.

Of course, there could be another reading to Iberdrola’s sudden rush of enthusiasm. The Spanish company has spent a year trying to win regulatory approval for its 4.6 billion euro purchase of Energy East, a utility operating in the U.S. northeast. So far, the hurdle is New York regulators, worried Iberdrola will dominate the market. Iberdrola, which argues that it is crucial for the future of New York’s clean-energy development, is pressing for a decision by the end of this month.

Perhaps Iberdrola’s big announcement is an $8 billion shot across the bow to preserve the Energy East deal — another offensive in the company’s bid to make itself too big to ignore.

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