People seem to assume that a monopoly's optimal price is much higher than it is. A monopoly business optimally prices where marginal revenue = marginal cost which is way below were people seem to imagine.
Even an unregulated utility would probably not price much higher than they do with regulation and also since almost all monopoly utilities are regulated it is hard to know what the price should/would be.
(BTW IMHO Governments can and do sometimes price much above that because that have less motivation to maximize utility or profits.)
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