California power crisis energy policy flashpoint for Bush

January's electricity shortages in California will be a major topic of discussion for the 107th Congress and the Federal Energy Regulatory Commission.The electricity crisis in California caused rolling blackouts and soaring electricity prices, and it brought the utility sector to the brink of bankruptcy. The crisis threatened to spread to the gasoline marketing sector when power was cut to intrastate pipelines that distribute gasoline.The crisis forced the California Independent System Operator (ISO) to scramble to keep the lights on hour by hour-and sometimes it couldn't. Wholesale prices of electricity were routinely $500-800/Mw-hr. And the utilities that ultimately paid the hig...

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