I live in a place where the electricity distribution network [and retail] is 100% Govt owned - plus there is another utility for a separate geographical area which generates/distributes/owns - again 100% Govt owned.
Whilst prices are cheaper than other areas, the reasons are due to a number of factors [being 100% Govt owned is not the major one] including supply sources. Investment is difficult as the Utility needs to get their investment plan approved years in advance and which can work against technical improvements as the technology changes so fast plus the regulatory environment may be changing the wrong way compared to what you planned for. In effect this slows down changes which often need to occur much faster plus the organisation becomes risk-averse from a commercial point of view. Whilst this is laudable in most cases it does mean that customer-focus and flexibility to meet changing demands and challenges is lost.
As for Governance, you really need a good board with industry experts and those of appropriate experience. Putting bums on seats because they are connected or politicians is a disaster in a business where long-term planning is key.