Within the Berkshire Hathaway's end of year accounts (out this weekend) there is a breakdown of their regulated utilities businesses (called MidAmerican). Despite the name, it include a large chunk of British assets (Northern Electric and Yorkshire Electricity). Operating earnings (before interest and taxes) for the division are up $120M, but all of that is accounted for by UK utilities earnings (up $136M).
So it seems the regulator is keeping a pretty tight grip on the profitability of these regulated industries, with one exception.
Notes
See: http://www.berkshirehathaway.com/2011ar/2011ar.pdf
(full disclosure: this blogger owns Berkshire Hathaway shares)
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