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California De-regulation

NPR's John Ydstie reports California utilities managed to avoid "rolling blackouts" today, but for the 11th day in a row the state spent the day under a Stage 3 alert. On one level, California's power crisis is simple: too much demand, not enough supply. The full explanation is much more complicated, though, and involves a lot of bad luck, a shortage of rainfall and a botched de-regulation plan.

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