We used to have this concept that utilities were regulated monopolies. On the one hand, they were told exactly how much they were allowed to charge, and what services they had to provide (and where, and to whom). On the other hand, they were assured that they had no competition and that they would always be slightly profitable. It was good for the stock market, too -- a utility would have exceptionally low volatility and pay regular dividends, being nearly as safe as anything can be.

Then we decided to deregulate.