Antitrust merger review
Antitrust merger review in the Energy, Power & Commodities sector is one of the most scrutinized deal pathways in global M&A right now, with the U.S. Department of Justice Antitrust Division, the Federal Energy Regulatory Commission, and the European Commission Directorate-General for Competition each holding distinct and sometimes overlapping jurisdiction over transactions involving generation assets, transmission infrastructure, and commodity trading books. The DOJ's 2023 Merger Guidelines formally reintroduced market concentration thresholds that directly affect utility and midstream deals, and FERC's Section 203 approval process adds a parallel federal layer that has extended review timelines on several recent power-sector combinations. Compliance teams at acquirers and targets are now running dual-track regulatory mapping from day one of deal planning, not at signing.
Watch
- DOJ 2023 Merger Guidelines: how revised HHI thresholds apply to generation asset acquisitions
- FERC Section 203 approval timelines lengthening for deals involving RTO-connected transmission
- EC DG COMP Phase II investigations into LNG and wholesale power market consolidation
- State-level PUC pre-merger filings required in parallel with federal review in several jurisdictions
Recent material activity in Energy, Power & Commodities
Active monitoring in place across Energy, Power & Commodities. Material developments related to antitrust merger review will appear here as they are published.