In 1996, California began the process of deregulating its electric utilities, a process closely watched nationwide, as twenty-five other states also move toward deregulation. The results thus far in California: A power crisis—electricity shortages, rolling blackouts, utilities on the verge of bankruptcy, and rising rates for customers. Was utility deregulation just poorly managed in California or are the electric utilities fundamentally different than industries that have benefitted from deregulation, such as airlines and telephone? Will the California power crisis bring the national movement toward energy deregulation to a halt or not?