High Voltage v/s Low Voltage

I would be interested in hearing some comments as to the effect of voltage on PC components and Monitors. Currently, our Electric Utility is carrying what I consider to be somewhat high voltage levels on its service. As a result, on a domestic 220 volt AC service, each side is fluctuating in the 124 to 127 volts range. When questioned as to whether this is unnaturally high and would have a detremental effect on electrical components, they responded that they kept this level to ensure "if" the demand increases, there will be sufficent voltage to meet the demand. I have a beautiful 20" Monitor which is a bit old, but works really well in other juristictions, but when I set it up here, it lasts a day, then blacks out. It is being run through a UPS, and I while I can reduce the output voltage by up to 10volts, my concern is, if the Utility decides in their wisdom to suddenly reduce the line voltage, would the resulting low voltage through the UPS be more damaging than what appears to be happening now. Comments/suggestions would be appreciated.