The California energy crisis. Introduction (Wolak March ‘01) Wholesale: averaged $33 MWH in 1999, $116 MWH in 2000, $310MWH Jan 2001. Natural gas $3-$4 mm btu in late 1990s $10 nationally & $56.54 S Cal Dec 2000 April 6,2001 PG&E, bankrupt with debts of $9 billion. Deregulated market.
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