PFM says the privatization of JEA “would likely represent the largest and most complex municipal privatization in the United States,” and it would take over a year and a half to complete. JEA would have to ensure operations continue in a safe and reliable manner through any transition, there would be multiple levels of regulatory approval, the utility could face trouble filling positions during a sale process, there are a large number of contracts JEA is involved in which would need to be reworked, and the fees for professional assistance through the complex process would likely be steep. Amid these concerns, though is the belief that there would be significant initial net proceeds.