It is not rocket science to figure out that no business can buy high and sell low for very long. But it is always politically expedient to impose price controls on business, in order to look like you are protecting consumers. If you don't understand the economics of price controls, just look at the history of it. Price controls created a gasoline shortage in the United States in the 1970s, food shortages in France in the 1790s, and housing shortages under rent control in cities around the world at various times in between. In other words, the same short-sighted politics that created an electricity crisis for California can now be followed to create a more widespread shortage of electricity around the country.
Politicians know better.
They just are not likely to do better. In other words, the economic problem is simple. It is the political problem that gets complicated. The economic problem is how to keep electricity flowing to California consumers and the California economy. That is how we get other things that we want.