No, wait. The electricity companies, especially those that went bust, were allowed to operate the way they did because the government allowed them to. They weren't really electricity companies, they were financial companies. You can't blame people for setting up completely legal companies to make money for themselves. They are businesses, not charities.
So the government need to regulate when it comes to the provision of necessary services. That's it, plain and simple.
And the "incompetent and feckless" comment seems to have been aimed at the people using these companies, wasn't it? Even if it wasn't, the people running these companies were doing what the government encouraged them to do.