Utilities are buying other utilities: Emera agreed a $10 billion deal in Canada.
A $67 billion merger between NextEra and Dominion faces opposition from Virginia's lieutenant governor.
High interest rates make existing networks attractive compared with building new ones.
Northern Virginia is the world's largest data-centre market, so the fight over who pays for its power grid is being watched closely by other states.
Buyers of utilities are paying for steady returns. Those returns depend on regulators allowing price rises, and regulators answer to politicians who are hearing complaints about bills.
What could change this. Against this: regulators may approve higher allowed returns to attract capital, which would support utilities despite political pressure.
So-what: Owning power networks is valuable, but politicians are watching what customers pay.
What to watch. Virginia regulators; utility M&A pricing; grid capacity auctions.