California’s energy crisis in the winter of 2000... may seem like a thing of the past for electricity customers. It’s not. They’re still paying the price: About $3 billion each year for the next three years.Bureaucrats are not good at making business decisions because they do not face bankruptcy, have no competition, and have others to pay their losses.
Oh, and the disaster of California's energy deregulation cannot be blamed on markets OR Enron -- it is the fault of the bureaucrats who deregulated wholesale but not retail markets. In other words, wholesale price spikes did not lead to retail price spikes. Because they did not, customers did not use less, and utilities got squeezed into bankruptcy.
Bottom Line: Deregulation can work, when it REALLY means deregulation!