Only small indie utilities.

For most other things, to grow initially to serve the intended functions to as much of the target audience as possible, requires investment. Investors want that growth to continue, even if it makes little or no sense to the original objectives.

Only companies where owner is top boss can, sometimes. The moment boss has to answer to investors, growth is required.

Capitalism - regulation => utilities's entire point is to capture a monopoly to then abuse it.