At the heart of all this is the electricity crisis in California. It is not rocket science to figure out that no business can buy high and sell low for very long. 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.
Politicians know better.
They just are not likely to do better. It is the political problem that gets complicated. The economic problem is how to keep electricity flowing to California consumers and the California economy. But it is not that easy for politicians to admit to the voting public that this whole disastrous farce was brought on by them, when they tried to look like knights in shining armor, rescuing the distressed consumers from the greedy electric companies. Instead, we get a flurry of activities and a blizzard of rhetoric and regulations.