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Peace was the Chairman of the Senate Committee on Energy from 1995-1997.
During this time, the electricity deregulation bill, AB 1890, was passed and signed into law by Governor Pete Wilson.
Some incorrectly named Peace as author of this bill, however, the author was Jim Brulte, a Republican from Rancho Cucamonga.
Many believed this bill led to the California electricity crisis of 2000 and 2001.
At the time, several prominent California newspapers came out in support of AB 1890, including the San Jose Mercury News.
An editorial from 1996 supported the measures taken by the legislature at the time.

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