The reason I think it has worked reasonably well is that there has been no need to invest in new capacity
Privatised infrastructure does not work when regulations are lax. Regulations must make sure there are enough investments. Our old power regulations demanded power companies invested a certain amount in new capacity and backup capacity etc (or really that they could guarantee there was only like one power shortage in five years or something like that, but in effect it means having to invest in capacity). Peak oil is not an energy crisis. It is a liquid fuel crisis.