The CA-Enron fiasco was not “deregulation”, it was “reregulation”. CA said that utilities could not purchase power on the futures market, but had to buy it on

The CA-Enron fiasco was not “deregulation”, it was “reregulation”. CA said that utilities could not purchase power on the futures market, but had to buy it on the spot market. Enron, by some strange coincidence, always had to take plants off line during peak hours, leading to high spot prices. There’s nothing deregulated about forbidding futures contracts.