An underground power grid in the best cases should be less susceptible to the effect of electrical storms. The American Transmission Company cites numerous reasons why it do not bury their transmission lines underground (e.g. environmental concerns, cost of installation and repair, etc.).
The linked article goes into extensive detail about the disadvantages and initial costs of putting in underground lines. The article does not factor in the maintenance costs of above and below ground installations.
With storms getting worse (Maryland, DC and Northern Virginia have weathered heavy storms this week), might underground lines prove more resistant to storm-related power outages?
http://www.atcllc.com/IT5.shtml