Deregulation is such a funny word. The California deregulation you are referring to, involved the powers that be pushing utility companies to sell their power plants.

The current energy deregulation in the EU involves forcing utilities to trade electricity in a spot market, that treats the on-demand production of conventional power plants and the random and unpredictable production of solar and wind, as if it's completely equivalent. Of course, that's a fairly effective way to promote solar, as it's far more intrusive than conventional renewable mandates.

As far as I can see, "deregulation" means, "we regulate far more aggressively than before, but there's now a market in there where Wall Street types can make money".