Those costs have to be paid, one way or another, under any form of economic or political system. If electricity prices are not paid in the rates charged the consumers, then they are going to have to be paid in taxes. If the public is so foolish, and the politicians so irresponsible, that these costs are not paid, then look for lights to keep going out in California. When the government holds the price down, that virtually guarantees that the supply will be reduced and shortages will follow. It doesn't matter whether it is electricity, housing, petroleum, food or whatever.
Price controls have a centuries-old track record of causing shortages in countries around the world.
But those who are ignorant of economics are surprised when the same thing happens in California in the 21st century that happened in the Roman Empire a couple of thousand years ago. Even countries with a history of having surplus food to export have found themselves hungry after price controls caused farmers to stop growing as much food. It has been the same story with rent control. History tells us that such things happened, but economics tells us why they happened. Price controls are only one of many counterproductive policies growing out of confusion about the nature of economics.