As an economist, whenever I hear the word "shortage" I wait for the other shoe to drop. That other shoe is usually "price control." So it was no great surprise to discover, after the electric power shortage in California made headlines, that there were price controls holding down the price of electricity to the consumers.
In the absence of price control, a shortage is usually a passing thing. When prices are free to rise, that causes consumers to buy less and producers to produce more, eliminating the shortage. But when the price is artificially prevented from rising, the shortage is prevented from ending.
The electric power shortage in California is not unique. What is a new twist, however, is that there are no limits on how much the wholesale electric power suppliers can charge the utility companies that directly supply the consumer. Since the utility companies have been paying more for electricity than they were allowed to charge their customers, they were operating in the red and the financial markets are downgrading their bonds. Buying high and selling low is the royal road to bankruptcy, and bonds in a bankrupt company are not usually worth much.