Sometimes, Emails sent to the wrong person can be really expensive for the one sending!
Let's assume it was a doctor and he sends Bob's results to Alice. He did violate HIPAA, which can be REALLY expensive, and Alice can report that to the local health authorities.
Let's assume it was a doctor and he sends Bob's confidential conversation to Alice... and he is in breach of the lawyer-client privilege, which might cost him his bar license!
And then there are consumer protection laws. Alice is in California, so CCPA applies to her. An Arkansas company that does no business in California has her information on file and sends her Bob's order forms and bills. Technically she could, under CCPA, demand the deletion. However, the company might claim a legitimate reason not to delete the data (they need to send the bill somewhere and Alice is not the actual person the account belongs to) and they might challenge that they are in Californian jurisdiction.
Arkansas law however might be more helpful: the Arkansas supreme court decided in Jegley v. Picado, 349 Ark. 600, 80 S.W.3d 332 (2002): "Arkansas has a rich and compelling tradition of protecting individual privacy and that a fundamental right to privacy is implicit in the Arkansas Constitution.". This does especially extend to financial data, which is protected under the Personal Information Protection Act/Arkansas Code Annotation §4-110-101 and the following. Under these paragraphs, disclosing "[a]ccount number, credit card number, or debit card number in combination with any required security code, access code, or password that would permit access to an individual’s financial account" is to be fined with up to 10000 $ per case. The company could possibly be violating those provisions, but they also might claim that Bob wants the bills to go there, so they don't give away information to a person that is not allowed to have them.
Final words
Privacy law is tricky, and retiring an e-mail account can be a huge hassle. Personally, I would put the company on the Blacklist (mark as spam/Junk-mail) and change the account password, allowing me to keep the mail-account and not receive the e-mails and at the same time denying him access - nobody has a legitimate business to access my private e-mails but me (or whoever will have to deal with my digital inheritance). The e-mails will end in nirvana, never to be seen again.
You are under no obligation to receive or reroute the emails to the correct recipient, or give him access to your account. In fact, he is under obligations to his electric company to provide a valid billing address.