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By Charles Oliver
Investor's Business Daily
Summer's near, but can California take the heat? That's what Golden State businesses are asking. The state's power crisis could reach a critical point over the next few months, sending the state's economy into a downturn.
And there seems to be little anyone can do to stop the problem. The state's largest utility, Pacific Gas & Electric, has already declared bankruptcy because of its massive debt.
Economists say California's problems could ripple through the rest of the U.S. economy. The state accounts for about 13% of total U.S. economic output and is home to some of the world's most important high-tech firms.
How bad will things get?
"California is facing an electricity shortage of unprecedented proportions,"warned a recent report from the California Independent System Operator, which runs the state's power grid.
CAISO forecasts a huge …