As someone who works for an investor-owned utility it is more than clear that IOUs are entering riskier markets such as solar, energy storage, EV charging stations, and wind. Utilities will either be pipes and wires companies or new-age energy solution providers to businesses and residents. Many already have the new sexy solutions making up 20%+ of their business, which just 5 years ago would of been unbelievable for the industry. This trend will continue and thus long-term winners (imo) will be the ones looking for new energy revenue models to make up the majority of their revenue. Vector (New Zealand) is a great example of this and they've done so in a short amount of time...

P.S. Utilities don't necessarily make more money by providing more electricity, they often ask customers to lower consumption so the utility assets don't blow up. Utilities try to sweat assets as long as possible and that cost deferral across multiple towns, states, etc adds up to millions or billions saved per year.