FPL/Constellation merger could be tip of iceberg
High gas prices look set to usher in a wave of fresh consolidation in the utility sector, as companies strive to save costs
With US utilities scrambling for cheaper ways to generate electricity, historically high gas prices could trigger a wave of consolidation similar to FPL's recent $11 billion merger with Constellation Energy Group.
In December FPL, a Florida utility owner with a large portfolio of gas-fired power plants, agreed to buy Baltimore-based Constellation in an all-stock deal that is scheduled to close by the end of 2006. If approved, the combined company will register $22 billion in annual revenues and
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