Supply shortages and sudden power cuts, significant price increases and bankruptcy of both main State distributors: these events reveal the seriousness of the electric crisis in the richest and most populated state of the United States. California wanted to be a pioneer by opening its electric sector to competition. What has happened? How to explain that one of the most developed regions on the planet has fallen victim to a situation one would expect to find in less developed countries? What lessons can we draw from the experience for France and Europe?