The first section of Chapter 5 analyzes the history, privatization and M&A of the five electricity companies studied – EDF (France), E.ON (Germany), SSE (UK), Endesa (Spain) and ENEL (Italy). The second section demonstrates that EDF, E.ON, SSE and ENEL can be considered Alphas today, while Endesa is a Beta. Analyzing several M&A deals which have not been previously discussed exhaustively, the third section explains why firms became Alphas or Betas.