Have you noticed that your electricity bill keeps going up?
Theres some variance from place to place but in many areas in the US, utilities function as a regulated monopoly. It was done like this so utilities could be compelled to deliver service in areas where it was not profitable for them to do so. If electrical service was left up entirely to the free market, it would be extraordinarily expensive some in rural areas, - if it was available at all. Even though these utilities are monopolies they cant charge whatever they want, rate increases typically have to be justified to and approved by public utility commissions. California started to deregulate back in the late 90s. Market manipulations, hot weather, and delayed power plant construction led to major problems with blackouts in the early 2000s. Basically some companies figured out they could charge more by artificially limiting the supply of electricity. Capitalism does not always deliver what we would hope.