Last year's repeal of the Public Utility Holding Company Act removed restrictions on who could run utilities.

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Congress passed historic banking regulations during the New Deal, including the Glass-Steagall Banking Act of 1933, the Securities Act of 1933, and the Public Utility Holding Company Act of 1935, all of which vastly expanded the role of the federal government in overseeing and regulating Wall Street.

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In 1988, Public Service Company of New Hampshire became the first American utility since the Depression to go bankrupt, mostly because of the unexpected costs of a nuclear plant.

ECONOMIST: Boom

Over 17 years it has built seven plants (five others are in construction) nationwide and has become quite nimble at navigating the permit process. (It's easier to get approvals if you're a private company than if you're a public utility.) In 2004 LS filed a proposal to build a 1, 600-megawatt, supercritical pulverized-coal plant in White Pine.

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Another electric utility Kramer recommends is Central Vermont Public Service Corp.. The company has good management and a 4.7% yield, Kramer says.

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Being an on-site power system allows users to run independently of the public utility grid, ensuring that, no matter what happens to the grid, a company will not lose power and will continue to operate.

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