What happened in the California energy crisis, why it happened and who was to blame. California's energy deregulation is one of the biggest regulatory, political and public policy mistakes in the last hundred years. Partially deregulating California's electricity markets has worked a strange alchemy on politics and business. The results cast a harsh light on: * Partisans -- who didn't understand their ideology * NIMBY consumers -- who wanted cheap energy * Political compromisers -- who proved worse than extremists * Explotative corporations -- who misread the situation These factors turned economic outcomes upside down: smart players failed and bumblers stumbled into windfalls. And while California went dark, other states' deregulation succeeded.

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