The fact that PG&E exists is a clear contradiction to your statement.
In most countries, water, electricity, waste management and public transport are government controlled through and through, even if the government might sell shares to the public markets or induce competitive bidding. Except in dysfunctional countries of course.
It's the opposite of a contradiction. PG&E must have its pricing and capital expenditures approved by the government. It is a borderline government entity.
Only theoretically. PG&E's dividend yield is worse than savings accounts currently, and its stock price hasn't gone anywhere in 40 years. In fact, if you invested before the 2017 fires, you could have lost 85% of your money and, to compensate for your trouble, not even received a single red cent of dividend in six years.
"Borderline government entity" seems more reflective of reality.
In most countries, water, electricity, waste management and public transport are government controlled through and through, even if the government might sell shares to the public markets or induce competitive bidding. Except in dysfunctional countries of course.