Final answer:
Utilities can remain competitive by innovating and offering additional services like smart energy management, renewable energy options, and enhanced digital customer service, adapting to changing technology and consumer preferences.
Step-by-step explanation:
To remain competitive in the future, utilities could offer a variety of additional services that cater to the changing needs and preferences of consumers. With the advancement of technology, the definition of what constitutes a utility is always evolving. For example, the transition from wired to wireless technology allowed for multiple providers, ending monopolies such as AT&T's on long distance service. Similarly, utilities must adapt by providing value-added services such as smart energy management, renewable energy options, and improved customer service platforms that leverage digital technologies. In light of evolving consumer demand, and the significant infrastructure costs associated with natural monopolies, utilities need to innovate and offer services beyond their traditional scope to maintain competitiveness.