According to a 2005 infrastructure report by the American Society of Civil Engineers, the U.S. power transmission system is in urgent need of modernization. Growth in electricity demand and investment in new power plants has not been matched by investment in new transmission facilities. Over the coming decade, investment in transmission assets is expected to average $3 billion to $4 billion per year, up from $286 million as recently as 2003. Regulated utilities are poised to benefit from higher capital investment in transmission assets. Utilities earn return on invested capital that is set and guaranteed by state public utility commissions. Higher capital investment results in greater guaranteed income for utilities.