 So under the regulated world, each of the three parts of the electricity supply chain, generation, transmission, and distribution, those were all owned and operated by the same company. So this company is what economists call a vertically integrated firm, or a vertically integrated utility. And to none, economists would just call it a public utility, or an electric utility. So like, alligating power prior to deregulation was an example of a public utility. So this public utility operated under what called a regulated monopoly, or a regulated franchise model. And the way that this worked was that the utility was granted by the state geographic territory over which it had a monopoly to produce electricity, to transmit electricity, and to sell electricity. So not only was this utility a vertically integrated firm, it was a vertically integrated monopoly. So for seven or eight, well, seven decades, the utility could not have any competition for any part of its business. And in exchange for that, in exchange for being given this state sanctioned monopoly, the utilities agreed to have their prices and their profits regulated by a state level entity called a public utility commission. And so the public utility commission effectively set the price that the utility could charge for electricity. It also, I mean, it set the price that the utility could charge to different types of customers. So Penn State had a different price than Set Bloomsack. And the public utility commission was ultimately the entity that set those prices. The public utility commission also decided what investments the utility would be allowed to make, or not really make, but what investments the utilities could force their customers to pay for. And so the utilities, basically, they had this monopoly. And they were very highly regulated, and their operations were very highly regulated. And I mean, basically, they had one job, well, sort of two jobs. The first job was that they had to supply whatever electricity was given. So they couldn't tell people, I will not supply you electricity. And the other thing was that they basically had to operate the system reliably. And so they had to operate the system in a way that you wouldn't have a lot of blackness. So their responsibility was basically serve all of the customers and don't break the system. That's all the utility? Yeah. OK, so you can sort of see how this system sort of had its ups and downs. It created a very stable economic plight for the utility business. And it was able to borrow money and attract investment at very attractive rates of return. Because if the utility has a guaranteed profit margin of 10%, it was basically no risk to that. If you're a potential investor who's going to lend the utility money, all of a sudden this looks like mana from heaven. And so it created a very stable economic climate for the utilities. And it allowed basically a fairly rapid electrification of the US.