Utility companies in Illinois are private & can only charge X% (10% for electrical) more than they invest. Frankly, the power & rail network here are amazing, in large part because that system incentivizes maximum reinvestment as they can then charge more money and return larger amounts to share holders.

Competitors who take large loans and fail to deliver are out competed by alternatives who went a more efficient route.

The profit margins are fixed, but everything is still competitive.