utility

n. usefulness; use; public service; something useful; (Computers) utility program

adj. made for many practical uses or useful intentions; intended for service or practical use and not as a high quality; (USA) usable but inferior (of beef)

In economics, utility is a measure of the relative satisfaction or desiredness from consumption of goods. Given this measure, one may speak meaningfully of increasing or decreasing utility, and thereby explain economic behavior in terms of attempts to increase one's utility. A theoretical unit of measurement for utility is the 'util'.
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n. utility

(n.)
The quality or state of being useful; usefulness; production of good; profitableness to some valuable end; as, the utility of manure upon land; the utility of the sciences; the utility of medicines.
  

(n.)
Happiness; the greatest good, or happiness, of the greatest number, -- the foundation of utilitarianism.
  

(n.)
Adaptation to satisfy the desires or wants; intrinsic value. See Note under Value, 2.
  

A power company that owns or operates facilities used for the generation, transmission, or distribution of electric energy, which is regulated at state and federal levels.