Thoughts on Financialization of Utilities

From 1990 to 2000 (probably earlier, but I haven’t gotten the data yet), electricity prices steadily declined in Colorado and New Mexico (need to check for other states). But around the year 2000, prices per kilowatt/hour have steadily increased. What changed? The usual story is that this was due to the need for long-neglected improvements in the electrical grid, which had been neglected during a long period of neglect when electricity prices were stable.

Another possible story is that electricity prices are an indirect effect of financialization, which was made possible by overturning the ban against utility holding companies in 1995.

This question is important because it directly impacts the question of the value of a utility for either public takeover or to compete the monopoly.