In late 2000 wholesale electricity prices skyrocketed in California, and the state faced a continuous threat of power outages. In addition, the state's largest utility, Pacific Gas & Electric Company (PG&E), filed for chapter bankruptcy on April 6, 2001; at the same time, the second largest utility, Southern California Edison Company (SCE), has finalized a bailout deal that hopefully will restore its financial health. Customers are unhappy over rising rates and supply shocks. No one is happy with the current deregulation plan except out-of-state generators, such as Duke Power, Dynegy, and Enron that own many of the power plants formerly owned by California utilities, now reaping handsome profits.