Funding entity Unión Fenosa
This study has analyzed the causes that led the Californian electrical system towards a deep crisis during the summer and winter of 2000. Extremely high pool prices, rolling black-outs and bankruptcy of several distribution companies meant that serious government intervention was required in the liberalization process of the electric industry. The study has analyzed reports from experts and institutions and has drawn its own conclusions. Then the study discusses the possibility of, a similar crisis happening in Spain, because of the similarities between the Spanish and Californian regulatory framework in this sector.