Generators did not generate. Peakers did not peak. Emergencies appeared to lack solid justification. All of the evidence is consistent with a major, sustained exercise of market power. In fact, corporations have manipulated the energy supply fully intending to cause blackouts, and thereby pressure state legislators and extort more taxpayer dollars for the industry.
Big profits are to be made in rigging the energy market.
Public Citizen reports that newly formed deregulated energy companies selling in the California market have reaped a formidable growth in profits. That's because they are unregulated affiliates of existing power companies and new independent power producers. The FERC had determined competition exists despite there being only a single pipeline into Southern California, allowing this company to charge excessive transmission rates. The home heating oil market is completely unregulated. The industry has allowed storage inventory levels of heating oil to drop steadily over the past few years.