Thursday, September 14, 2006
Exelon/PSEG: The mother of all cratered deals!
Regular readers know that we have been following the painful unraveling of the proposed merger of Exelon and PSEG, the two big utilities that have been suffering for almost two years at the mercy of the New Jersey Board of Public Utilities. Well, it appears that New Jersey politics was too much to bear, even with billions of dollars and a commanding position in nuclear-powered electricity generation at stake. The two companies have walked away. While this is no surprise to careful observers, we can be sure that the bar at Newark's Savoy Grill is doing a land office business this evening. But it's not "happy hour."
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