The electric companies are responsible for the infrastructure maintenance and renewal but since all of the electrical companies are public traded in the stock market so they are all about profits and losses. The government has little to do with the electric grid since all of it is owned by these public traded companies. Yes they will always ask for monies from the government(handouts) that is the way it works.
So they are not interested in investments to renew the grid. They are only interested in profits.