In addition, about two and half years ago our sister agency the Public Utilities Commission and our agency undertook what was known as the energy efficiency collaboration which broke new regulatory ground. For the first time utilities in California have an equal economic incentive to invest in energy efficiency as they do to simply investing in new generation capacity. It means that we are having a more moderate impact upon the environment in terms of land use, habitat and all the other considerations that we take into account if we are going to preserve the quality of life here in California. At the state level, we also have a wide range of programs in collaboration with the utilities and independent energy service companies that are designed to target discreet elements of California's economy. These programs free up scarce public resources for other pressing public demands.
Energy efficiency is the most cost-effective option for our State.
As I said, it is apparent that the rest of the Nation now understands this basic concept as well. The second area that I want to focus on is energy diversity. This was an extraordinary over-commitment to a single feed stock. In essence, we put most of our eggs in one basket. Consequently, during the second world oil crises which was induced by the fall of the Shah of Iran, Californian's experienced the largest percentage electricity rate increase of any State in the Nation.