U.S. gas and electric utility CenterPoint Energy said on Monday it would buy rival Vectren Corp for about $6 billion, the latest in a string of mergers in the sector as power consumption in many parts of the country flattens.
The deal adds about 1.45 million customers across Indiana and Ohio. CenterPoint already serves customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas.
Consumers, companies and local governments are becoming more energy efficient and adopting conservation measures, resulting in a drop in consumption as well as prices. That has hit margins across the sector, leading a handful of companies to merge to cut costs and streamline operations. Read More