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.
I’m aware of how utilities and the fees that they charge for service are regulated.
Which is to say, that until and unless they are granted a rate increase, or even a temporary surcharge, to cover the cost of preparing for an EMP, they aren’t going to spend the money - there’s nothing in it for them from the standpoint of cold, hard numbers. This is most definitely a government problem - they need to require spare transformers and certain minimum levels of protection against ALL kinds of surges, natural and man-made.