California regulators ordered rolling blackouts

There are a number of real problems, here, not the least of which is
management and regulatory action which prevented long term contracts
even when those were in the interest of all concerned.

In this utility industry, though, the cash can move between buckets,
however, and it has done so in the past. That movement has gotten
much harder after this reorganization. Many folks might even suspect
that making it harder was the point of the reorganization. Cynical a
lot, no doubt, but there you are.

          Ted Hardie