The U.S. investment banks Merrill Lynch and Goldman Sachs, after attending as an advisor in numerous M & A in Europe, we expect further acquisitions in the utility sector this year, given the sheer mass liquidity available to companies in the sector. While Internet companies are struggling to grab the useful and the phone companies are burdened by high debt, it is the utilities to be in better shape in this 2001. “We will continue to maintain a high level of activity in this area over the next year, while in other areas we could see a slowdown in the short term,” said Franz Etz, specialist in the utilities sector for Merrill Lynch, who has served as advisor for the acquisition of RWE Thames.

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