Explains why deregulation (or the "free market") was not responsible for the Northeastern U.S. blackout of 2003
"California, the land of alleged power deregulation, is often used to indict free markets. There the authorities froze retail electricity prices even when wholesale prices were rising. (Other stifling regulations were also imposed on every stage of the industry.) ... When higher demand would have raised prices, signaling to end-users that they should conserve, government price controls kept those users from getting the message. Demand continued to rise, squeezing utilities, whose prices were not capped, until a crisis hit."