Turning the TX grid into a public utility
which is obviously called for, is a tricky matter- a whole lot easier going the other way.
Funding wouldn't be a problem- TX could easily float the necessary bonds at negligible interest rates, and like the old REA bonds, there's never been anything safer. When the alternative is getting shut off, people pay their electric bills*.
The problem is valuation of assets, and the "property rights" of the shareholders and other owners.
*the Wabash Valley Power Association one of the few coops to ever default- they had a chunk of the failed Marble Hill (IN) nuke plant. But the overall long term default fate is negligible.
Visited that big chunk of concrete down on the river many years ago- I guess it will be there for the archeologists some day.