There is a difference between utlities and and the pay-tv industry though. Utilities are highly regulated industries that are basically guaranteed profits by state commisions. Pay-tv providers aren't guaranteed anything. Didn't Charter file for bankruptcy a few years ago?
You will never find a perfect analogy. They all break down somewhere. Unless or until I see a general willingness from the public to cut the cord, the analogy is still useful. Charter/Comcast/et al will not allow their profits to drop if they can help it, and when customers cut back on their packages, it merely gives them more incentive to raise prices generally.