The reason we're all here is because the government currently is dictating those rates in representation of the utility companies needs and not the citizens. How this is essentially socialized is beyond me; yet, I do concede that the same rules applied differently would much more likely meet that standard.
We already have an independent systems operator (ISO) to match the amount of load on the grid with the amount of generator current supplying it. I think this model could be expanded to where the state could literally own the transmission lines and equipment and use various regional contractors which would be engaged to maintain it in coordination with the ISO.
Then we have stable infrastructure where generation _and_ maintenance are open markets which may allow customer rates to no longer be controlled by a utilities commission and instead be directly computed from the actual suppliers costs plus taxes. It may even allow for more regional electric companies to form to provide better service to peculiar areas of the state.