For generations, Americans have received electric service from utility companies close to home. The mission of these companies has been to provide everyone with safe, reliable service at the cheapest possible price. State regulators, answerable to the public's elected representatives, have provided the oversight needed to make sure that utility companies do their job.
But imagine a different approach to electric service:
Your utility is no longer located in your home state, it's headquartered in Texas — or Tokyo. Your utility's finances are no longer made secure by a guaranteed rate of return on investment, but are controlled instead by global oil companies or venture capitalists. When your rates go up or your service takes a dive, your state legislator calls up the head of the utility — but no one's answering the phone in Texas or Tokyo.
Welcome to a world without PUHCA.
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