The first is that these deals don't always come to fruition. Florida Power and Light pulled out of an offer to buy BGE's then-parent company, Constellation Energy, eight years ago amid a public uproar over utility rates, hostile political conditions and a potentially challenging regulatory environment. Constellation later flirted with Warren Buffett, then entered a joint venture with Paris-based Electricite de France before being bought out by Exelon, the very same company that's now making a play for Pepco. The new proposed deal is arguably more fraught than the various attempts to buy BGE over the years in that it will require approval by four public service commissions — in Washington, D.C., Maryland, Delaware and New Jersey — not to mention the Federal Energy Regulatory Commission and probably the Justice Department. So it may not actually happen, and almost certainly won't any time soon.