The utility industry, encompassing electric, water and natural gas services, is the backbone of modern society. However, its survival is increasingly challenged by aging infrastructure, regulatory pressures, shifting customer expectations, technological disruptions and climate-related risks. This paper examines the key elements that impact the business existence of utilities, the challenges they face and the measures necessary to ensure long-term sustainability. Digital transformation, regulatory adaptability, resilient infrastructure and innovative business models are explored as key strategies to overcome industry challenges.