Virginia is financially conservative, but before getting into all that, there seem to be few examples in the US and Canada (and Mexico?) of new or planned intercity good frequency and/or electrification. The West Coast, plus Brightline Florida, maybe that's all? The Empire Service in NY is frequent, but overcrowded. By new or planned I mean actually running now, or funded, or pretty well committed to happen.
Now the boring part. Transportation in Virginia has been "pay-as-you-go" for a very long time. Bond issues happen, but not nearly as much as in other states. As far as I know, this is still true. (It does have those privately funded toll roads and bridges now, like elsewhere.) When the state made the big announcement half a decade ago of buying RF&P track and Buckingham Branch track (and the S-line ?), the other component was a new rail trust fund. (Like Al Gore's lockbox! Kidding, humor for grayheads.) Yes, it was to stabilize long-term funding. But the same "pay-go" delays large capital improvements in transportation, especially in independent cities. They have to build up the funds over years. I'm not up on the latest, but who is, with journalism diminished? Also not around insiders much these days. But the trust fund was as newsworthy as the track purchases.
Plate is full, rail is expensive. It's hard to see electrification ever coming to the RF&P, since like NES28 says, it's not seen as a tangible benefit compared to other stuff. Eh, who knows, the plate will not always be full.
Successful passenger rail numbers are great, took some doing.* But for close to decent frequency, you have to go to the station in Richmond, or be in Northern Virginia. The plans are just to add a few trains here and there, as far as frequency goes. The other projects are S-line + extensive improvements for Richmond; Blacksburg/VT extension; and Richmond to Charlottesville. Real work is ongoing in Northern Virginia / DC. And new Newport News opens in the fall. The state's Virginia Breeze intercity bus service is adding a fourth line (they are all once daily).
(*) A lot money went to CSX and NS to make Amtrak expansion happen. So let's do the hit parade. For CSX, two decades ago selling track to BB to run only CSX trains was a massive soak of the short line subsidy. For NS, well it moved headquarters from Norfolk to Atlanta. So thanks a lot!