This is a transcript of the discussion of and explanation of the power failure, from the Friday 15August 2003 PBS Newshour.
http://www.pbs.org/newshour/bb/fedagencies/july-dec03/blackouts_08-14.html
At several points in the discussion comments were made about different authorities, and about different rules, and about how some companies bend the rules, but since it is all individual, there are no fines or anything. Each speaker talked about regulations.
Deregulation is part of the capitalist system, but you have to wonder if there aren't times when utilities used by the country shouldn't be regulated. I remember when they deregulated the airlines. The argument was that all that competition would lower the prices and make it easier for the public. What happened was that fares went up, there were huge battles over who could land where, and airline profits started falling (they said - the head boys always managed to take huge chunks of money with them). And today the airline industry is not in such hot shape. Can't blame it all on 9/11 either.
Anyway, if Cheney's plan was so good, why was it kept such a secret? Why wasn't Congress consulted? Is California laughing at us? And whatever happened to Enron, El Paso, all those wonderful energy folk?