California Energy Crisis: Gavin Newsom's Challenge?

The deregulation effort aimed to change the way wholesale power was produced and sold in California. But there was tightness and supply for a number of different reasons within the wholesale power market starting in the early 2000s. So the utilities were paying more for that wholesale power than they could collect from customers. In PG&E's case filed for bankruptcy, Newsom set up a wildfire fund to help pay some of the liability costs resulting from utility caused wildfires.