Utility regulation refers to the oversight and management of essential services such as electricity, water, and natural gas. This process ensures that these services are provided safely, reliably, and at fair prices. Regulatory bodies, often at the state or federal level, set rules and standards that utility companies must follow to protect consumers and maintain service quality. These regulatory agencies also monitor the financial health of utility companies, ensuring they can operate sustainably while meeting public needs. By balancing the interests of consumers and providers, utility regulation aims to promote fair competition and prevent monopolistic practices in the utility sector.