This is a very high price. A peak price of over $100 used to be considered high. But peak power prices in CA have been going up, specially in Southern California. In this case the reason is high natural gas prices due to the cold weather and production freezing -- gas is the marginal fuel and tends to set power prices in CA. Anyhow. CA should have been OK, since it has a lot of storage. Unfortunately, regulation has prevented the utilization of a major storage field in Southern California. So gas prices went up, to well over $100/MMbtu (they are usually under $5). In Nor Cal, where storage is allowed to operate, gas prices remained under $10. But the power market is pretty much a single market in CA and So Cal dictated the prices. (I used to be a trader in the market).