I'm not sure I buy this argument of 'lazy' balance sheets.  A better term would be conservative.  Let's cherry pick a not so conservative balance sheet in Kinder Morgan, rated BBB-.  The stock has been a disaster, declining over 40% in 18 months.  

The true results of all these acquisitions will not be know for 5 to 10 years, and history is not on the Canadian utilities side as higher interest rates, poor deal integration and culture issues, a more challenged regulatory environment and the future difficulty to access to the public market, could cause these deals to be not so rewarding to shareholders.