“Seems to me either there really isn’t anything we can do to protect ourselves from an attack on the electric grid, or the powers-that-be don’t care if it happens (or prefer it happens).
Or we are not nearly as vulnerable as they say.”
For the power companies, there is no way to calculate any kind of return on cost of the safety measures that they KNOW will reduce the effects of any EMP event. As such, they cannot justify it without some revenue to offset those costs, or some regulatory requirements. As for pols, they are looking to the next election - these protective measures will take 10-20 years to fully implement, and won’t produce any vote-getting bang-for-the-buck like building a highway or giving some lazy bum a free phone.
From what I know about the regulators in NYS, they can tell the electric utilities what to do and when. In return, they will be allowed to increase rates to a point where those costs are covered and still earn a pre determined profit. I would assume the situation is the same in most other states as well, but I don’t know.
Unless that role has changed over the years for some reason, the power company would be guaranteed a ROI. And, of course, being a monopoly the customers would have to pay up.
Therefore I don’t think a slow or non existent payback on taking precautionary measures is a consideration.
Slapping additional taxes and fees and surcharges to my utility bills never seemed a problem when the ‘cause’ was right.