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Feature Article

The New And Still Highly Profitable Shape of Utility M&A

By Roger S. Conrad on May. 11, 2023

The history of US electric, natural gas, communications and water utilities is synonymous with mergers and acquisitions. Over the 120 years or so since these services began to be essential to modern life, there have been literally thousands of mergers between operating utilities. And not one has failed to eventually create a financially stronger, more efficient and resilient company. That includes deals that began with one or the other partner literally in Chapter 11 bankruptcy. For example, the former Public Service of New Hampshire went bust in the 1980s from funding its piece of the Seabrook nuclear plant. But that utility is now a piece of thriving EverSource Energy (NYSE: ES).

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