I don't really care if the power stays on for five-nines as long as I'm still paying 61¢/kW-h for it :/ https://www.pge.com/assets/pge/docs/account/rate-plans/resid...
The regulator has no accountability to anyone and just rubber-stamps everything the utilities put in front of them, allowing them to skimp on opex (maintenance) in order to turn everything into capex with cost-plus guaranteed profit. This incentivizes making everything as expensive and as brittle as possible.
Either we need to restructure the market to be more competitive, or we need to restructure the regulations and the regulator to be more performant and responsive to ratepayers. We're suffering a ruinous misalignment of incentives and the best the legislature can think of to fix it is to make it cheaper for the IOUs to borrow money.