Utilities have done exceptionally well the last couple of years. The big problem that you have to evaluate with utilities is the same as it has always been, government regulation. From what I understand (not my area of coverage) a few years back many utilities struck a deal with regulating bodies to hold rates low for X # of years and then they could float their rate based on the market and other utilities could also compete. This deal should have worked out famously for low cost producers. But places where low cost producers are based are reneging when faced with large increases to market based prices.