For the first time since the energy crisis ended in 2001, California's grid operator is considering raising the price cap on wholesale electricity to compensate for increasing natural gas costs.

FERC on Wednesday raised a cap on electricity bid prices in California and other western states and called for an immediate overhaul of the California ISO board.

Over the objections of independent power producers, the California Independent System Operator voted to lower the price cap on wholesale electricity purchases to $500/Mw-hr from $750/Mw-hr until ...