Power shortages. Rolling blackouts. Skyrocketing utility bills. California's power disaster has made "energy" a national front-burner issue. The state's power crunch has affected everyone from homeowners and small businesses to the big-business consumers of electricity who originally pushed for deregulation. Now, the state's largest utility, PG& E, has filed for bankruptcy.
But is California's energy crisis the result of flawed deregulation and the weather-or, as some charge, market manipulation by a new breed of power entrepreneurs? Or a bit of both? And could other states face similar energy shortages?