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.
(BTW IMHO Governments can and do sometimes price much above that, they have less motivation to maximize goods and services or profits.)
Even an unregulated electric 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.
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