Federal nuclear regulators have approved a merger between Exelon and New Jersey-based Public Service Enterprise Group.

Chicago-based Exelon owns more nuclear power plants in the U.S. than any other company and would operate four more plants if the merger goes through.

David Kolata, executive director of the Citizens Utility Board, says the deal may not affect Illinois residents directly, but it’s a sign of less competition in the energy industry.

“I think from an Illinois point of view, one of the ironies here is that while Exelon and its subsidiary ComEd are trying to jam through massive rate increases for ComEd customers, they’re actually offering rate cuts in New Jersey so they can get their merger done,” Kolata says.

The deal still has to get the approval of regulatory committees at the Justice Department and at the Board of Public Utilities in New Jersey.