> unencumbered by regulation There's the answer. A public utility is a natural monopoly. If given lack of regulation (or, wrong/weak regulation) it will of co

> unencumbered by regulation There's the answer. A public utility is a natural monopoly. If given lack of regulation (or, wrong/weak regulation) it will of course seek to maximize profit at all cost, which means very little is spent on grid quality and maintenance (these things eat into profits, thus bad).