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well. During the period of regulation, when utilities were guaranteed a specific level of profit, investment in maintaining and building new power plants was high. With deregulation, American utility companies increasingly were interested in how their investment would be paid back, and the emphasis shifted from building new plants to maintaining current ones, even when those plants were operating at less than optimal efficiency. The 1990s saw an increase in the numbers of mergers and acquisitions in the electrical power generating equip

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