CPUC head: California's energy woes stemmed from regulators 'stepping aside'

Regulators who failed to enforce the rules created a bizarre market in which speculators controlled vital commodities, says the president of the California Public Utilities Commission (CPUC).Loretta Lynch told a Ziff Energy Group conference in October in Calgary that California is now having to rebuild its energy market structure.Problems with deregulationLynch said the California electrical market is an example of what happens when regulators step aside. She said development of new generation capacity screeched to a halt in the mid-1990s when the state relied entirely on a free, deregulated market.The CPUC executive said that placing regulation in the hands of federal agencies limited th...

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