FYI - 

Below is a link to a report that contrasts the success of deregulation in PJM 
with the problems in California.  The report was written by a Washington, DC 
consulting group, PA Consulting.  

The report cites many of the issues we have identified in the past to explain 
what went wrong with CA (limitations on forward contracts, regulatory and 
environmental restrictions, siting issues, etc.) and concludes that "PJM has 
demonstrated that electric power competition can successfully be a 
fundamental part of the future for the US power industry and its electricity 
consumers."

Jennifer

http://www.paconsulting.com/energy/PDFs/PJM_paper_final.pdf