Wait for the spot delivery @ Topock and Milan to spike, then sell 'em all they wanted.
Ah, for the good ol' days...and every single bit of that fiasco was the specific fault of the Calbanian legislature and Grayout Doofus. What a stitch.
Say, what does a subpoena look like, anyway?
Not quite sure how to take your comments. Last time I was in "Milan" I was driving from Florence to the the Lake Country of northern Italy. Now "Malin" is a major point of delivery of PNW power into California. Many years ago I sold a lot of firm and no-firm for delivery at Malin, mostly to CVP (Western)or PG&E.
As to knowing what a "subpoena" looks like, I have never been served with one, so I don't know. A couple times I came close, but that is another story.
As to taking advantage of other power traders, well it is suppose to be a free market with willing sellers and willing buyers. Many decades ago, I sold power at some handsome profits to the point where others criticized me publicly, but it was a long term sale and I could easily justify the costs on a historic cost allocation basis for my utility, that is how I set the rate. The buyer seemed happy so no big deal. In our negotiations we actually both analyzed the cost allocation to make sure the price was fair.
In the PNW a number of utilities and some industries created their own price caps by installing temporary diesel generation. This allowed them to avoid panic buying and to clearly state to sellers that they had a limit on what they were willing to pay. Everytime I saw someone in CA start to do something like that the state air control folks came in and rained on their parade.