Utility Work markup Limit?

[Suganth Kannan]

Are there any limitations on the markup that a utility can charge on material for doing work like meter relocation?

Doing some RE consulting for a client involved in a value-added industrial investment in Miss.
Utility company quoting 65% markup on materials (25% for E&S, 20% for Minor Mat, 20% for Material Handling).

Have never seen such a high markup even in unregulated private industry and generally utilities are highly regulated.
I am thinking even IRS may have some regulation on how much maximum mark up on materical can be.
Please help with your knowledge. Appreciate your time.

Regards
Suganth Kannan