Electric and gas utilities also got into the PHC contracting business in 1996; the first was DelMarva Power & Light Co. (it was known later as Conectiv Services). Many other utilities followed suit, only to start selling off these same contracting firms in 2000.
So why did these utility conglomerates decide to invest in the fragmented PHC business in the first place? And what changed in later years to convince them to divest their mechanical contracting firms?
