Any rational country would just nationalize the electric utilities, as they constitute a natural monopoly and as such there's no real competition. Eliminating the rentier investor class the system makes a lot of sense in this case, as all they're doing is running off with profits that would be better invested in infrastructure (including cybersecurity).

This particular rule will most likely be gamed to increase rates while providing no improvement in security, with a compliant FERC nodding along under the current system of corporate regulatory capture of government.