Despite the move toward state regulation, the idea that city-owned utilitiescould better derive the benefits of natural monopolies for their citizenscontinued to hold some appeal. In fact, the number of municipal utilitiespeaked in 1922, with more than 2,500 "munis" in existence. Onlyaccounting for about 5% of the nation's total generating capacity and lessthan 4% of the total electrical energy produced, municipal ownership hasremained a fixture on the utility landscape, even into the 1990s.


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