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November 14, 2009

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Crisis cost state $45 billion

Wednesday, Jan. 15, 2003 | 9:43 a.m.

SACRAMENTO, Calif. -- California's energy crisis cost the state as much as $45 billion over two years in higher electricity costs, lost business due to blackouts and a slowdown in economic growth, according to a study released today.

The report, from the Public Policy Institute of California, concluded there was no one cause for the energy crisis, which peaked in the winter of 2000-01 and led to six days of rolling blackouts.

A shortage of electricity generating capacity, a flawed market design from the state's attempt at deregulation, the grip energy companies had over wholesale electricity prices and regulatory missteps all contributed to the energy crisis that spread to other Western states.

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