It is being updated constantly; it is so complex and huge, it is not something you just decide to “update” at some particular time. See the previous answer for a good view of the needs.
There’s a potential for an overhaul in the near future — Germany is showing that its possible with their current overhaul, and the federal government has given a grant, albeit a modest 18 million dollar one, to the University of Texas to research a potential overhaul of our power infrastructure, which dates back practically a century.
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