Haywire power contracts

Man, I hate to say I told you so.
Just over a year ago, I wrote the following about the long-term power contracts Gov. Gray Davis was negotiating with energy companies:
"The catch is that as more power plants are constructed, the wholesale price of electricity will come down from current sky-high levels. This could leave California . . . paying above-market rates for years to come."
At the time, the governor described the nearly $45 billion being spent on electricity contracts as "the bedrock of a long-term energy solution."
"With these deals in place," he said last March, "California's energy future is looking a whole lot brighter."
A little salt with your crow, sir?
At Davis' urging, California's Electricity Oversight Board and Public Utilities Commission appealed Monday for federal regulators to look into whether the state paid about $20 billion too much for juice.