My "logic" is based on interest rates perceived to be going up, storms driving up costs, energy deregulation fractionating the industry, variable cost of fuel, the preception that utilities are safe investments. Utility PE's are highest they have ever been, in the mid 20s. Deregulation has exposed them to market forces they've never faced before. Sure, everyone uses their products, that aspect doesn't change, but more variance in the component pieces of the businesses have made for reduced certainty of the cash flows from them as an investment vehicle. I do expect to see many utilities at near fire sale prices in the next few years.