To quote the article:
A Qantas engineer familiar with the the 747-400's electrical systems said the failure was unheard of.
Given the failure described in the article, what they've said is absolutely correct. In a "normal" failure situation you would expect one or two engine-driven generators to go down and the remaining generators to pick up the load. In the event of a quadruple engine-driven generator failure, you could descend to an appropriate altitude and get power off of the dual APUs. And the chances of having a quadruple engine-driven generator failure
and a dual APU generator failure are so remotely slim that is almost impossible without having some other sort of catastrophic failure involved. Something else must have happened to cause all power generation systems to fail, maybe a failed relay or a grounded wire in exactly the wrong place.
The consequences of a total electrical failure of a 747 in the transatlantic is pretty serious. You are going to loose all of your navigation information as well as your radio and transponder. At that point you could pretty much consider yourself Charles Lindbergh in a 747 with just an altimeter, airspeed indicator, magnetic compass, and over 300 people's lives hang in the balance.
If you want to have some fun in the sim, go ahead and try a total power system failure in a heavy for yourself. You'll be missing out on half the fun though because if the aircraft only has electrically driven trim, you're stuck with what you got all the way to landing. I've you're really feeling brave, get up to FL350 and try failing all engines
and the electrical system and try to glide it into an airport.
EDIT: The RAT is used to provide hydraulic pressure for the primary flight controls in the event that all engines (or engine driven hydraulic pumps) fail.