Investor owned utilities want profit, not construction expense
True. I used to work for one of those. They were always trying to figure out how to offload maintenance and construction onto subcontractors. And just sit around, read meters and collect bills. It turns out that the meter-reading (which they had also sub'ed out) is easy to do. And the market took note of that and cut their ROI to the bone. They were de-listed from the stock market and went private as a subsidiary of an investment fund. Which is principally held by the construction companies doing their heavy lifting. And making big bucks doing so.
It turns out that capital markets are pretty good at spotting situations where the marginal cost of a product is low or zero. And then cutting the fair PE ratio to match. Except for where it will take a few years to figure the market and products out (AI for example). And then the salesmen drop that segment like a no longer hot potato and spin up a new scam.
It turns out that there is always money to be made as a reward for continuting real efforts. It's just not the sexiest part of the economy.