The Silver Lining Around the Cloud of California's Power Crisis
"Broken" and "dysfunctional" are two of many unflattering descriptions used to describe the state of California's deregulated electricity system. Wholesale power caps have been cut from $1,000/MW to $250/MW. San Diego residents are urged to ignore their current bill and only pay as much as they paid for energy last year. A recent report created for Governor Gray Davis is critical of the current system, and while not calling for re-regulation outright, concludes that restructuring was a bad idea.