The Day California Went Dark Was a Crisis Years in the Making

(Bloomberg) -- Signs of a problem within California’s power system emerged a full day before the blackouts hit.Trader Dov Quint sat in his basement outside Boulder, Colorado, scouring the state’s day-ahead power market for opportunities to profit from California’s heat wave. He saw something strange: Prices for electricity to be delivered the next day – the day of the blackouts – were nearing $1,000 a megawatt-hour, more than 26 times higher than last year’s average.The last time that...