[50sDad]

Cinergy, our local "provider" was bought out by Duke from down South. "Oh, don't worry, your rates won't go up" we were told. The first of a thousand layoffs has begun. (And we should be seeing the rate increase any time now.)

I though a "public utility" was supposed to be run non-profit for the public good?

[Ditto]

I though a "public utility" was supposed to be run non-profit for the public good?

A "public utility" is a private 'for profit' business that happens to be extensively regulated. They have stockholders and boards of directors like any other business. In exchange for accepting regulation by the state including setting the rates customers pay, they are guranteed a profit also established by regulation. The attraction for investors is the guranteed profit --- never as spectacular as other potential investments, but as long as the utility is "prudently operated" (i.e. the regulators agree that the utility is following the regulations) there will be no losses.