The economic reason not to raise rates to much is that there are substitutes.
I ran the numbers maybe twenty years ago and one could generate there own solar power for maybe $0.35 a kilowatt hour or so depending upon storage, backup, life-cycle and continuity constraints. In my little neck of the universe, Oregon USA, one pays about $0.11 a kilowatt hour today. If the price were to just about triple it would be cost effective to switch now.
Conservation of energy usage is also an option up to a certain point. The experts in that kind of thinking is Rocky Mountain Institufte.
https://www.rmi.org/ Their web site and publications contain a wealth of information.
Now, if your bill went up almost ten fold, there is probably a little more to the story. Was there surge or constraint pricing that may suggest this is a single time event. If not, there are technical options and if the market is at all responsive choices should be forthcoming or worth developing if you feel entrepreneurial.
Solar Panels, Wind generation, waste heat recovery from some other thermal process, geothermal power, and conservation are all well established engineering options at this point in time. The economics can be calculated with reasonable medium term certainty.
But because of those, I suspect there is a better option available as demand loves to be met by supply if there is a way to make a buck. Check your next bill to make sure that was not an anomaly and start investigating options.
With a some other ideas added, we could get an energy options thread going as there is likely some expertise floating about.