This sort of consolidation will continue so long as utilities generate such incredible amounts of cash. It seems like utilities really can't go wrong at the moment. All they have to do is pick up the money.
It's too late to buy many of the big ones. There are plenty of municipal utilities that can be bought one by one and added up, but that's not as satisfying as buying a big group.
The Germans historically have had problems with being too aggressive, but that's changing. Being stuck between the U.S. And Asia, German companies really have to fight. And now they have the power to fight.