The Lonesome Death of an Energy Bureaucracy

From the Los Angeles Times, via KTLA-TV's unregistered Web site, the death of a California bureaucracy:

[T]he power authority was set up [in the summer of 2001] to build electricity generating plants to protect consumers from price-gouging. But it disbanded without constructing a single unit, buying any transmission lines or exercising its ability to borrow up to $5 billion.

The Consumer Power and Conservation Financing Authority leaves behind $8 million in debt to utility customers and a couple of clean-energy programs handed off to California's remaining electricity bureaucracy.