M&A activity in the North American Energy sector for Q4 2013 through Jan. 28, 2014 included 325 deals announced or closed according to data provided by S&P Capital IQ. There is reason to be optimistic regarding M&A in the sector for 2014 and beyond. While the North American market continues to pose challenges, there is always an appetite in consolidating profit-generating entities. Further, despite a modest recovery in the price of natural gas and the retirement of some coal-fired plants, the dynamics of wholesale supply and demand continue to lead lower forward power price curves. Private equity continues to have strong interest in the space driven by utilities and ancillary services relating to oil and gas.