And according to this article the upgrades will happen and consumer's electric bills will barely change:

At the same time, the costs will be spread out over decades and only total up to (at most) three times the grid's annual operation and maintenance costs. So in any one year, the costs shouldn't be crippling. All that might be expected to drive the cost of electricity up. But Li and Jenn suggest that the greater volume of electricity consumption will exert a downward pressure on prices (people will pay more overall but pay somewhat less per unit of electricity).