You've heard talk lately about the convergence of electricity and natural gas. That idea has grown as commodity markets have matured for gas and emerged for bulk power.
As this snapshot look at the seven utility mergers announced since January 1995 demonstrates, traditional patterns are no longer being followed. A number of the announced transactions did not fit squarely into either the merger-of-equals model (little or no premium, fairly even equity and board split, CEO succession plan) or the acquisition model (high premium, disparate equity and board split, no CEO succession plan). In addition, 1995 brought the first pure gas and electric merger (Puget Sound and Washington Energy) and the first three-way merger (WPL, IES, and Interstate) since the 1970s. t
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