Ask the Swiss, though admittedly they did it so long ago that it was the high cost of steam vs. the low cost of electricity. Bring in other technologies like diesel, hybrids and batteries, and the case soon fails.
There was only one line in Switzerland that had trains at West Highland frequency, in a remote part of the Jura mountains (Glovelier-Saignelegier), and even that is fully part of the hourly Taktfahrplan now.
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Historically always high density commuter rich traffic justifying electric traction.
The Southern's predecessors were also responding to tram and tube competition. The Great Eastern Railway, however, decided to use intensive steam services, which became known as the Jazz, which delayed electrification out of Liverpool Street for a generation.