There has been a steady stream of mergers and acquisitions (M&A) in the utility sector over the past several years. These transactions generally require public service commissions (PSC) approval in the states in which one or both of the parties have operations, and the PSCs are typically charged with approving only transactions that are in the public interest. The standards under which PSCs make determinations vary, but frequently require a finding that the transaction either provides a net benefit to customers, or at a minimum does no harm to their interests.

Frederick “Fritz” Lark is a partner in Bracewell’s New York office.

In order to obtain PSC approvals, parties to these transactions

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