Somewhere, Grandma Millie is shaking her head in despair.
Millie, in case you’ve forgotten, was a fictional California widow personified in recordings of Enron traders who gamed the state’s electricity markets more than a decade ago.
The traders laughed about stealing from bleeping “Grandma Millie” after charging her $250 a megawatt hour for power and leaving her in the dark.
Millie’s suffering has faded from California’s consciousness as the state again prepares to meddle in manipulated markets. This time, it’s adopting a cap-and-trade system to restrict carbon emissions, a “market” disturbingly similar in structure to Enron’s former playground.