On the other hand, a lot of people would have been happy to have a 5 figure electric bill instead of having their pipes freeze from an involuntary blackout.
Which is why the parent comment says "can have a limit", not "must require a limit".
That way, those who would rather get through a blackout without paying insane bills can have an option to do so, while those who care about their pipes freezing can pay to keep the electricity.
I still think this is totally unfeasible. Then all the news stories would just be "Fine print in electric contract shut off power for many, now facing thousands in water damage bills."