Utilities are obscuring a vast transfer of wealth from the public to shareholders.

On a walk near his house, with views of the ocean, Mark Ellis speaks with urgency about how the utility business—the industry that long employed him—is harming the public with unsustainable rate increases.

He keeps coming back to the same point: The complexity of utility regulation is obscuring a transfer of wealth from the general public to shareholders on a vast scale.

He’s far from the first person to say this. But he’s getting attention to a degree others haven’t, thanks to the clarity of his message and his status as a former utility insider. He’s in the early stages of becoming an activist.

Ellis’ adversaries should know what they’re up against. He is a financial analyst, with degrees from Harvard and MIT, and he is a wrestler, with experience on the mat as recently as two years ago, when he was competing in his age division in national tournaments.

“I don’t like bullies,” he said. “I feel like there’s a lot of bullying going on with utilities. People need to stand up to the bully.”

U.S. households have seen their electricity prices increase by an average of 25 percent from 2020 to 2024, which exceeds the rate of inflation, according to the Energy Information Administration.

When electricity is unaffordable, the transition away from fossil fuels becomes expensive to the point that it stretches feasibility; ideas such as electrifying home heating and using electricity to power vehicles make less sense in purely financial terms.