California residents endured four days of rolling blackouts in January and March and have faced staggering utility bills. News media stories have blamed skyrocketing wholesale power prices and the state's 1996 deregulation law, AB 1890, which prohibits utilities from passing those increases to customers. Last week California's largest utility, Pacific Gas and Electric, filed for bankruptcy. But California's 1996 deregulation law was written by corporate lawyers of California's utility companies, Wasserman said. He said that money was laundered to those utilities' parent companies.
Bankruptcy means they're protected.
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