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"that's happening RIGHT NOW"

Yes, or at least breaking right now.

But I don't mean to hijack the thread. It's still a good post. Let's return to the topic at hand:

JUST HOW SCREWED UP IS CALIFORNIA'S ELECTRICITY MARKET???!

Some days -- y'all can shoot me for saying this -- public power doesn't sound so bad. Doesn't Bonneville have more stable electricity rates? What's so wrong with municipal power systems? Sigh -- I know the answers as to why I'm wrong already. It's just that least municipal systems might give the towns some level of protection from the State . . . . Quite a mess.

What's so wrong with municipal power systems? Sigh -- I know the answers as to why I'm wrong already.

Municiple power systems served many communities in our nation quite well for many, many decades.
The same with the Public Utility model of regulation: they're stocks were considered to be solid Blue Chip investments: a safe and secure income providing investment for "widows and children".
Large scale Government hydroelectric projects have also been quite beneficial: TVA, Hoover Dam, etc. etc.
Count me among those who are skeptical of the "benefits" of deregulation. It seems the only real effect is to reduce available capacity while giving daytraders the opportunity to inflate prices as they strive to strike-it rich Enron style.