Where would that incentive come from? Not from the threat of competitors, because no competitors are allowed to exist. There would perhaps be some slight incentive due to the slight elasticity of demand for electricity (i.e. people can probably reduce their energy usage in response to higher prices), but I imagine that elasticity is quite low indeed.

It’s more likely that the more significant incentives would be other things, like, oh, not maintaining equipment and eventually causing wildfires.