Earlier quoted context omitted.
But what are their financing rates? They conceivably could have better long term security due to their position. And thus be fine with a higher debt loading. Utilities, at least those with a monopoly license, are quite close to State-owned-enterprise (SOEs).
You think they're going to pay off $168,000,000,000 of debt at the current rates? Maybe. If not, watch out.
That actually raises an interesting question, how are monopoly licenses valued? If their value can be bumped up every year on the balance sheet...