Utilities
[...] utilities that provide electric service dominate the ranks of the publicly traded companies in the utilities sector. The electric utility business can be divided into essentially three parts: generation, transmission, and distribution.
[...] regulation is perhaps the single most important factor shaping the utility sector.
Regulated utilities tend to have wide economic moats because they operate as monopolies, but it's important to keep in mind regulation does not allow these firms to parlay this advantage into excess returns. In addition, regulation can (and often does) change.
http://books.danielhofstetter.com/the-five-rules-for-successful-stock-investing/
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