Electric utility stocks seem to have tapered off, after all the hoopla about how demand from AI would transform the business turned into concern that demand from AI would raise prices to consumers and rile the politicians who set the rates. Maybe it is time to reassess what investors expect. First, understand that Wall Street focuses most on one number in utility financial valuation nowadays, the growth of rate base, because regulators set earnings as a percentage of rate base. The bigger the rate base, the more the utility’s income. We calculate…