Let's take a look at a paper written by somebody who has taken a closer look at this issue (than me even).
Effect of the FAST NUCLEAR ELECTROMAGNETIC PULSE on the Electric Power Grid Nationwide: A Different View(pdf)
by Mario Rabinowitz
of Electric Power Research Institute
Here is the abstract:
AbstractThis paper primarily considers the potential effects of a single high-altitude nuclear burst on the U.S. power grid.
A comparison is made between EMP and natural phenomena such as lightning. This paper concludes that EMP is no more harmful to the power grid than its counterparts in nature.
An upper limit of the electric field of the very fast, high-amplitude EMP is derived from first principles.
The resulting values are significantly lower than the commonly presented values.
Additional calculations show that the ionization produced by a nuclear burst severely attenuates the EMP.
Cheers!