Yes, but that's a different issue -- too much electricity in a local zone, rather than too much electricity overall.
Let's take water as our analogy. Water flows to meet demand in the form of open taps. But very few of those taps are strictly regulating, and the outflow is a function of how far the tap is opened and the pressure in the system. Put more water into the mains and the pressure goes up, therefore more water is delivered at the tap. If your house has pressure regulating valves, you won't see this, but the pressure is then further increased at someone else's house.
Put power into the grid, and it *will* be delivered somewhere. If nowhere else will accept the load, it ends up being delivered as heat in the transformer in your local substation. How do you prevent substation fires? Fuses/breakers on the transformers... but that just kills one part of the circuit, and the power ends up getting delivered to another transformer. This sort of rolling blow-out used to be a problem -- one substation blows, leading to another blowing and another blowing and so on, and various power companies the world over have put a lot of time, energy and money into developing systems to prevent it happening.
In reality it looks like this.
That's "game engine" footage, not "in-game". The final release won't have the same rich colour-depth.
That is really the way it should be. There is no reason to meter electricity anymore.
If electricity was "free", people would be less likely to switch stuff off. Metering manipulates demand.
He has not acquired a fortune; the fortune has acquired him. -- Bion