The monopoly framework for the supply of essential public services has been in existence nearly as long as the actual products themselves. Think water, electric and telephone service as examples. Yet, we know some former monopoly services have made the transition thru the deregulation process and are thriving on the other side. Arguably, the electric power industry is more capital-intensive, more location based and employs more people than some of the other services that have undergone deregulation. Would performance based regulation be a reasonable middle ground in the battle between monopoly and fully deregulated electric service?
Note: See this reference for a detailed analysis of various market models and considerations associated with market change: https://sepapower.org/resource/understanding-and-evaluating-potential-models-for-the-future-electric-power-utility/.