California’s three-year old Consumer Power and Conservation Financing Authority has been shut down and abandoned. Created during a turbulent period of blackouts and service disruptions, the agency’s role was to build generating plants to protect consumers from price-gouging. The agency sputtered to a halt after Republican Governor Arnold Schwarzenegger vetoed its funding without it constructing a single generation unit, buying any transmission lines or exercising its ability to borrow up to $5 billion.
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