California is under Federal regulation and has significant problems where PG&E hasn't invested enough in reliability.
If California just breezed through every natural disaster with no power outages and lower than Texas energy prices it would truly be a no brainer.
But Texas has retail power rates in the $0.10-$0.20/kwh range. From what I understand $0.20 would be an absolute bargain in California and that $0.30-$0.50 per kwh is more what folks out there pay.
It's not so compelling in that case. Of course I could have missed something. Please do let me know if I have.
Look at airlines: rather strict and reasonably good safety regulations made flying the safest form of transportation, safer than driving and maybe even walking. Nevertheless, we don't see exorbitant prices either; if anything, the cost of air travel is surprisingly low, often competitive with rail, even in EU.
Of course, unreasonable regulations are a bane, see the leaded fuel situation in general aviation, or the whole nuclear industry.