Flowers, Edward B., 1939-
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An Economic Environment Which Encourages Mergers 1 A Continuing Merger Boom In Electrical Utilities 2 The Deregulation of the US Power Industry 4 The Gains from Deregulation 4 A New Industrial Structure -- Horizontal Monopoly 5 Lower Prices, Higher Profits and Greater Risks 6 Winners and Losers 7 Winners 7 Losers 8 The Wires Will Remain Regulated 9 The Strategic Causes of US Utilities Mergers 9 Mergers to Increase Return on Investment: American Takeovers of British Utilities 9 The Measurement of Vertical Economics and the Efficient Structure of the Electric Utility Industry 10 Cases of International Mergers to Support the Parent's US Rate of Return 10 Southern Company Takes Over Asian Power Producer 10 Mergers with Profitable Deregulated UK Firms 11 A Particularly Hard-fought Merger 12 Merging Gas and Electrical Utilities to Produce Power More Effectively 12 Gas and Electricity as Substitutes 12 Merging to Market Gas and Electrical Power 14 Enron's Pipeline into the Future 14 Ingenious Pricing 14 One-stop Power Retailing 14 Information and Computers 14 Another Large Competitor for Enron 15 New Wholesale Markets for Power 15 Securitization of Power: Contracts Act Like Puts and Calls 16 Freebooters 16 Mergers to Exploit Managerial Economies of Scale 17 Mergers to Manage Energy More Efficiently 17 Mergers to Spread the Stranded Costs of Nuclear Power Plants 17 Power Consumers Shop for Better Prices 17 Stranded Costs in Nuclear Power Plants 18 Conclusion 19 The International Financial Component of the Power Mergers 20 Global Capital Markets Breed Global Utilities 21 Bibliography 22