There is a lot of writing and philosophy on this exact issue - state owned enterprise, partial to complete deregulation, state operated enterprises, etc.

At the end of the day it will be about tradeoffs. CA/TX and others "deregulated" electricity by splitting the public-side (transmission and distribution) as heavily regulated from the generators and consumer purchasing sides. In TX, nominally, this lowered rates, though it has been some time since I researched this space. What it also did was cause pretty bad second order effects for transmission providers since they can't exclude use of their owned networks due to the physics of grids. It also caused underinvestment in the grid, causing the major freeze-outs and near-collapse of the natural gas delivery pipelines that made the news.

There CAN be advantages to bringing in private enterprise, but, they need fairly strict oversight to not cash out/distribute the funds needed for infrastructure O&M/new build to shareholders.