Large German utilities are facing a situation that is very similar to what happened in the telephone business, which started like electric utilities, with central stations that connect to customers with wires. It was also a monopolistic industry that was regulated by localities and governments — it was a regulated, stable and profitable business. The emerging cell (mobile) phones, which are wireless and can be used anywhere in the world, became a fast-growing, unregulated business where profit is limited only by competitors.