The three I’m familiar with are cash cows. Electricity is regulated and the rates have to be supported by the business model.

The small operators are mostly vertically integrated in a small area, so they can deal with the capital buildouts and aren’t subject to as many swings in commodity cost. They often even own the utility rights of way, generating additional income and avoiding property taxes.

It takes alot of union workers and pensions to make up for the pay of one private CEO.