If we accept the non-recoverability of the monies owed (probably a realistic assumption) it still remains to ask "What is the substitute?"  
A few unrealistic "solutions" present themselves:  A free hand-out of electricity for all, as a "social right" (but then , "who pays the costs?"), or do you envisage replacing the present centralised generating bureaucracy with a chain of self-enriching individuals, all lining their pockets by selling unaffordable generation equipment, that only works for part of the day?  A final possibility would be a totally off-grid "do-it-yourself" scheme, where every householder installs his own solar panels, with no centralised back-up.