Over the Channel
And look at the sorry state of half-private / half-public French utilities, like Orange.
They must cope with their schizophrenic public owner who wants at the same time:
* to decrease the price of the service, or at least keep it stable, to win more votes from those consumer-citizens at the next election, and
* to increase said companies' benefits so that more dividends will be payed to the state owner to limit the state deficit.
Now good luck to their management to devise an intelligent investment policy...