The source of California's far-reaching power crisis is a shortage," CERA's analysis found. "The state is critically short of power plant capacity. At least 5,000MW of new generating facilities are required to restore balance to the state's grid.:"The report warns that the long-term power contracts California is now negotiating are likely to create risky, potentially above-market obligations for the state in the future. It also details CERA's analysis of supply, demand and price fundamentals in the years prior to the shortage showing that California's industry structure produced a competitive outcome, with no evidence of the exercise of market power by generators. The special report was released at a briefing on the opening day of CERA's 20th annual Executive Conference in Houston, TX."
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