Commentary: California's Utilities Doth Protest Too Much

Everything seems cold and dark at California's two biggest utilities these days. PG&E Corp. and Edison International say the deregulation of California's electricity market is killing them. The companies figure they have paid out nearly $12 billion more for power than they have collected from ratepayers in recent months. Edison Chairman John E. Bryson has been a fixture on TV, on the radio, and in newspapers in California saying that if Edison doesn't get some sort of compensation for those "undercollections," there could be blackouts in the Golden State.

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