In this video: the 30-year regulatory formula that makes all of this inevitable. A 1996 "deregulation" law, an Enron fraud scheme named after a Death Star, a recalled governor, and a rule that pays California utilities more the more money they spend — not the more they save you.
📖 The Gilded State — the book behind this series — is coming out late this summer. Sign up for updates at www.thegildedstate.com.
🔔 New deep dives every Thursday.
Chapters:
0:00 The $3.8 Billion Ask
0:45 Who's Actually Paying For This
2:30 1996: The "Deregulation" That Wasn't
4:15 Enron's Death Star
6:15 The Blackouts and the Recall
8:00 A Quick Word (+ The Gilded State)
9:00 Why It Keeps Happening: The Rate-of-Return Trap
11:30 Ivanpah and the Mandate That Won't Let Go
14:00 What This Costs You (and PG&E Customers Too)
17:30 The "Fix" Everyone's Selling You
18:45 101 Ash Street: A Preview of Government-Run
20:45 What Would Actually Fix It
California Underground covers the California stories the rest of the media ignores
— following the audits, the contracts, the budgets, and the officials responsible
for outcomes that aren't matching the promises. No team. Just receipts.
📬 Subscribe on Substack: https://caunderground.substack.com/
📺 Subscribe on YouTube for new videos every week
📸 Instagram: @californiaunderground
🎵 TikTok: @californiaunderground
🐦 X: @ca_underground