U.S. electric grid infrastructure "aging" - Foreshadow of future crisis?

I was browsing an article on Yahoo news about the 1.3 million still without power from Friday's storms and a comment from one of those in "the know" struck me strangely.

"It's a system that from an infrastructure point of view is beginning to age, has been aging," said Gregory Reed, a professor of electric power engineering at the University of Pittsburgh. "We haven't expanded and modernized the bulk of the transmission and distribution network."

Does this quote indicate to anyone else a larger and more looming problem in the future without solid plans to fix it?

Whole article:
[link to news.yahoo.com]

Folks should really see how a major outage can happen anytime, anyplace, and take proper precautions such as store some water. I keep seeing how water was the biggest challenge in this event, especially since so many in the midwest are on electrically-powered water well pumps.