That seems to have been a really bad decision...
Like as bad as everyone else US included that depends on China. We all need to break this chain.
Does seem like a long list of poor choices got us here.
Of course, we used to have a coal industry that provided most of our power needs, till Thatcher and the neo-liberals destroyed it, and triggered a shift to gas, because of their hatred of the miners and ideological faith in privatisation. The rush for gas was largely a result of the way the Tories privatised the energy sector. It also left us completely exposed to price shifts in the global market.
Though the situation is rendered more complicated still by the fact that doing that accidentally reduced our CO2 emissions. And of course a huge irony is that Thatcher kicked off much of the research into climate change because she saw concern about global warming as a possible weapon to use against the miners union.
Really, every aspect of neo-liberalism seems to have ended in failure. The power companies all going bust en masse is just the latest of the privatisations to reach the end of the road. Rail privatisation has been a failure, the privatisation of water supplies has just turned out to be a sort of protection racket, the privatisation of steel and car industries just led to those industries disappearing, yet still this weird faith-based belief that 'private is better than public' lives on.
Heck, ultimately it was neo-liberalism that gave the world Putin.