The efficiencies are there with greater size. As the trend picks up then the rest of the companies and regulators will see the need for the rest of the industry to consolidate and share in the economies of scale.

The market for utilities is heating up. Either one of these potential buyers would have synergies.

Some of Europe's formerly nationally owned companies, like EDF, have benefited from favorable rules that made it harder for competitors. The actions of one big participant like this tend to serve as a catalyst.