Centralized generation is the riskiest for any economy. The targets to bomb (or local drones) are very well known and super easy to disrupt the entire economy. Solar on every roof is the most resilient and cheapest form of energy.

Centralization leads to economies of lobbying scale, well connected super rich can oil the machinery to suit their purpose, maximize wealth extraction from everyone, resulting in monopolies/oligopolies, laws to remove competition, laws to maximize profit (with pretenses of protecting people).

Warren Buffett does not own utilities out of the goodness of his heart, they are such spigots of money with zero competition.

Return on equity for utilities is relatively low due to capital intensity. They make a lot of money in absolute terms because 5% of a huge revenue figure is billions.