In 2003, The Electricity Journal presented a set of articles under the rubric, “Debating California.” Prof. Frank Wolak detailed a plan to extract ourselves from the mess (which at that point was almost three years old) and I wrote a piece criticizing Prof. Wolak's plan, which he in turn rebutted under the editors’ engaging title, “Sorry Mr. Falk: It's Too Late to Implement Your Recommendations Now.”1 It's now almost five years later and I’ve had to wait that long to offer this response. Why? Because only in June did the Supreme Court finally offer an opinion on the issue that we were discussing at that time. And it turns out that it's not too late after all – but only if the Federal Energy Regulatory Commission acts appropriately.
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