I received a 1099-S from my utilities company for running a power line through my property. What do I need to do to

In most cases you do not have to enter the 1099-S since it is a decrease in basis.  You will want to keep a copy of the 1099-S until you sell the property to show the adjustment of basis. 

The amount received for granting an easement is subtracted from the basis of the property. If only a specific part of the entire tract of property is affected by the easement, only the basis of that part is reduced by the amount received. If it is impossible or impractical to separate the basis of the part of the property on which the easement is granted, the basis of the whole property is reduced by the amount received.  See Easement.