I can't answer your first question, me being about 2,500 miles removed from CA (and I wouldn't have anything nice to say anyway about how the utility system there has been run in the past, not to mention the trouble that model led to elsewhere - hello, Enron), but I will tackle some points of your broader question about what's up in the utility sector, and maybe some others here will weigh in as well.
The utility industry is at an interesting crossroads between the past and future, since there is pretty much only one way to deliver electricity, and that is by connecting a generator to a wire and sending an electron oscillating across the countryside, same way as they have been doing for about a hundred years. But there have been some impressive technological innovations in the last 30 years as we move towards more and better computerized systems control. The more computers can do, the more we ask them to do, and we find that we can better analyze, plan, implement, protect, and control how the systems operate, and we can get more out of the facilities, and that's a good thing.
When I started my career, I really wanted to be on the technological cutting edge, implementing superconductors and optic converters and flux capacitors and green power and other fairy tale devices. Now that I'm old and jaded, I think that the greatest potential is in known technology - computerization, communication, and nuclear power. I would say I have seen a shortage of qualified engineers who are able to accept the unsexy 100 year old electron/wire principle and instead revel in the engineering challenges of implementing and improving known technology. I've seen many hires from outside the US mainland coming in to fill the gap - nothing wrong with that in my book, I just wish the US would keep up the bench of homegrown talent as well. All I see is a bunch of dopey, lazy, XBoxxing teenagers, but then I'm kind of cranky these days.
Two caveats to the need for good power engineers: One is on nuclear power front, there will soon be a huge need, but not yet, and not if nuclear loses out to "green energy jobs" (nonsense, IMO, which I will keep to myself just now except for saying "nonsense"). The other caveat is economics, in that the generation/transmission planning cycle runs about a year or two behind the general economic cycle. The economic slowdown (IMHO) is just now hitting the power industry and many projects are being scaled back or delayed, meaning less work. I think it will pick back up soon, but then it will take a bit, maybe another year or two, for that expansion to translate into a strong need for engineers.
So in summary:
1. Power is boring, but stable, and there is some cool rocket science stuff out there.
2. Nuclear or Green, or possibly both, will be expanding in future.
3. Good engineers are always needed, and maybe more so in the next few years.
Good luck.
