The market for investment in U.S. utilities and related companies remains bullish, bolstered by both domestic and international investors. Since 2010, twenty U.S. utilities and the largest independent electric transmission company in the U.S. have been acquired by international buyers. Canadian interest in the U.S. is particularly strong. Seventeen of the twenty utility acquisitions have been by Canadian companies. In addition, there have been several other transactions involving international investors taking significant minority interests in U.S. utilities and related companies. U.S. state regulatory commissions have approved these transactions largely using the “public interest” standard of review while adopting regulatory commitments and conditions based on the facts and circumstances unique to the given merger. This interest by international investors in U.S. utilities reflects several trends including opportunities for growth and diversification, the creation of investment synergies, and favorable ROEs and equity ratios. These factors suggest the continued consolidation of the U.S. utility industry is inevitable. The result will be larger, increasingly international, holding companies and ultimately a more global utility industry.