California’s power-plant fight with JPMorgan Chase is a legacy of deregulation mess (Sacramento Bee)

December 10, 2012 – It sounds like a bit of leftover mischief from the energy crisis: an electricity trader from Houston accused of hobbling California’s power supply, leading to possible blackouts. State officials say JPMorgan Chase & Co. is blocking a critically needed power plant renovation in Huntington Beach. The California Independent System Operator, which runs the transmission grid, has asked federal regulators to step in, warning that blackouts could hit Southern California during air-conditioning season next summer if nothing is done. The dispute is a legacy of California’s disastrous deregulation scheme of the 1990s, when the big utilities were ordered to sell most of their plants.
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