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Canute's Courtiers Were Wrong

Shortly after the northeast blackout a New York Times headline blared: "Under Deregulation, Montana Power Price Soars." The story explained that "Montana residents used to pay some of the lowest rates for power in the Northwest, but now, some lawmakers lament, they pay among the region's highest. What happened? Mainly deregulation."

The story went on: "Montana Power executives argued six years ago that state residents would benefit from paying competitive rates for electricity and natural gas. As market rates have gone up, though, the residents have had to bear the cost, critics of deregulation say."

Although the article acknowledged that "So far Montana has not experienced the kind of ...

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