Talkingpoint - M&A in the utilities sector

With M&A activity among US and European utility companies on the up, Credit asks market participants what are the major drivers behind this trend


Herve Gay
Utilities fixed-income credit analyst
Societe Generale

M&A transactions have been triggered by strategic desires to strengthen competitive positions, implement economies of scale, play the gas and electricity convergence and seize privatisation opportunities. M&A is also seen as a new source of growth, as energy prices are not going to increase for ever. Also, utilities have only 18 months left to shop around before the full liberalisation of competition in both electricity

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