http://www.caltrain.com/Assets/__Agendas+and+Minutes/JPB/Boa...
http://www.caltrain.com/projectsplans/CaltrainModernization/...
As long as you're still alive in 2022 (and there are no more funding issues caused by the tie-in to HSR), it will happen within your lifetime.
Should have happened a decade or more ago, but Caltrain is the underfunded stepchild with the bulk of transit dollars going to BART.
It's not particularly feasible in the US to convert freight-dominated lines to electric. Modern freight generally uses the double-stacked container as its loading gauge, and electric catenaries would sit several feet below the top of the double-stack container--the standard height for a bilevel in the US is 14.5 ft, but the double-stacked container runs to 20 ft.
It would be... unpopular... to have an electrified third rail, at ground level, that you have to step directly over at a station or running directly through a city street. Somebody would surely trip on it or it could get touched by a little kid.
Third rail systems are usually only used when the tracks are physically inaccessible to passengers or other pedestrians.
Currently not feasible because of high battery prices but realistic in 1-2 decades. And losses are lower than for electrified rail.
Busy routes are still better electrified but the huge US freight rail network would likely be cheaper to convert that way.
http://testplant.blogspot.dk/2013/09/electrification-clearan...