Maybe, but SVP has two massive advantages: it delivers almost all of its energy to a handful of gigantic customers, not homes. Contrary to internet belief, having a customer base dominated by industry makes power cheap to deliver. Secondly, it gets a free pass from expensive things that the state makes PG&E pay for, especially rural service.
That wasn't my point. Subsidizing rural service is a state policy. If major cities increasingly divorce from PG&E, and the true cost of rural electrification starts to be charged upon actual rural people, that might not work politically.