Detroit utility to buy MCN Energy
In another example of US utilities` efforts to become large, diversified national energy companies, Detroit electric utility, DTE Energy, is to buy Michigan based MCN Energy.
The combination of DTE and MCN will result in $6bn in annual revenues, 2.2m electricity customers and 1.2m gas customers. The new company will keep the DTE name.
This latest US merger follows Unicom`s – Chicago electric utility – agreement on a $7.8bn merger with PECO Energy of Philadelphia.