Central Valley Power Plants not Built

If you wonder why California may be facing blackout again in coming summers, blame Adam Smith's invisible hand...

"The prices were really high, and there was a lot of demand for electricity," said Chris Davis, a spokesman for the California Energy Commission. "But then the prices came down, Enron collapsed, and now we're in a situation where the lenders' confidence in investing in power plants is really shaken, and it's very tough to get lenders."

Sounds about right.