Another issue with grid induced voltage drops is that they often come back up with a bang.
The grid usually comes back at rated voltage, and usually within 30 cycles or 1/2 second.
Low power can also be damaging to some electrical components just the same as increased power.
I think you mean voltage, not power (if so, I agree!).
The grid provides a potential, or voltage level (your home's loads convert the voltage into power with your house's total impedance) not power. If the voltage spikes (e.g. a strike of lighting) then your equipment can be damaged. A surge suppressor is designed to handle this.
If your voltage sags (e.g. a brownout), then any load that you have that is a constant power output load will draw more current to output it's designed power. This could also damage equipment. I'm not too sure a surge suppressor is really designed for this. Hopefully, your house circuit breaker will.