"Shareholder value" is just another way of saying return on capital. Do you want to reduce return on capital? (the answer could be yes or no, just advancing the discussion)

Or do you want to redistribute the ownership of capital?

You're missing the last bit - shareholder value is return on capital for shareholders

The interests of the shareholders diverge quite strongly from the interests of electrical utility customers. It is generally a parasitic relationship where they consume resources that could have been spent improving utility service for the customers, either directly via dividends or indirectly by avaricious behavior on the part of the company in pursuit of their stock price.

this is the key. Of course, investor-owned utilities will try to charge as much as they can to maximize return on capital. The major question is "do we want to maximize return on capital in our utilities?". I would argue the answer is no since providing utilities is a public good and facilitates all other activities in the society, and forms natural monopolies.

>Or do you want to redistribute the ownership of capital?

I think that's unfair. Do you disagree that companies who go public become myopic and attempt to extract more value until they've hollowed themselves out?

Disrupt natural monopolies. Have government provide a common good.