California Electricity Crisis.

1 online resource (305 pages)

Hoover Institution Press publication ; no. 513

Description based on publisher supplied metadata and other sources.

1. Introduction and overview2. California's restructuring: turning opportunity into risk: -- California utilities before restructuring -- The changing federal regulatory structure -- Opening transmission networks -- Impacts on California electricity before restructuring -- Motivations for California electricity deregulation -- California public utilities commission leadership -- Wholesale markets under the restructured system -- Municipal utilities -- 3. The challenge: -- The nature of challenge -- Electricity supply and demand patterns -- Wholesale price increases -- Why did wholesale prices increase so much? -- California-controlled wholesale price controls -- The financial challenge -- State policy responses during the challenge period -- 4. Through crisis: -- The nature of crisis -- The electricity crisis -- The financial crisis -- State and federal policy responses -- California policy during the crisis: a critique -- 5. From crisis to blight: -- Long-term electricity purchase contracts -- Electricity revenue bonds -- Inclusion of the utilities' past crisis costs in future electricity rates -- Paying sunk costs through future electricity prices -- Elimination of direct access -- State power authority -- 6. Policy options: what next?: -- Improve regional integration -- Improve California electricity markets -- Improve risk management -- Manage California's financial obligations.

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