I agree with Mark's points.
While we have advocated our merger with PGE  (which did not concentrate market power) we have intervened in opposition to  most others.
Moreover, there is some hope that the German government will  take the opportunity to use the proposed utility merger to force greater open  access.
We will likely encourage that action and may oppose the merger  otherwise.
Most mergers in this industry are defensive, not procompetitive,  and, in my view, deserve no credit for convergence, innovation, or  liberlization.

Speech to the British Institute of Energy Economists