During the first quarter of 2012, mergers and acquisitions in the North American power and utility sector declined, according to an industry snapshot from PricewaterhouseCoopers.

The lower rate of M&A activity is due to several factors, according to the report, including the pending mergers between some of the nations top utilities.

However, the lull is likely temporary, according to John McConomy, U.S. Power and Utilities Transaction Services leader for PwC.

“Many factors were responsible for the dearth of deal announcements during Q1 2012, including the continuing weak economy, lack of load growth, the regulatory process on two large deals announced in 2011, changing national environmental proposals and the price of natural gas,” he said in a statement.

“On the plus side, there appears to be continued progress on the regulatory approvals on regulated utility transactions. Successful approvals may lead to a revival of transactions in the regulated space.”