Couldn't this same thing happen if there a power outage?

Around here, if the power company has a problem, there will be a momentary drop two times as the system automatically shunts to a different sub station. Third time it goes down, it stays down. Surely an event like this cannot be good.

Additionally, if there's a generator in the mix, there's the momentary drop as the power shunts to the generator, and here again, it's not usually a good thing for electronics.