The skyrocketing electric rates around 1999 had a very clear impact on parking lot and office occupancy at my employer in San Diego. Before the rate increases, the main parking lots were full by 8 AM and satellite lots were nearly full by 8:30 AM. After the rate increases, you could come to work any time of day and find plenty of parking. Inside, the fluorescent lamps were pulled to minimum safe lighting and air conditioning was set for 80 F. It was dark, stale and hot in the office. That was reason for me to work from home most of the time and ultimately to make my home in Idaho.
My employer wasn't doing any less business. The work was simply reshuffled to company locations in other states. It was the California offices that were losing business as they could not compete with rates in less costly states.
Look for HQ to move to VA.