Are there two seperate and distinct problems in California with the power?
If I understand it correctly, these are the two problems:
One:
There is not enough supply around to fulfill the demand.
Two:
Because of the rules California has for the Utilities, they are not allowed to raise the rates they charge for power, but are exposed to fluctuations in the price they have to pay for it. Currently it costs more than they can charge for it and are going broke.
Is this an accurate assesment of what is going on out there?