ENRON AND CALIFORNIA….CBS News has obtained tapes of Enron traders gloating about how successfully they’ve gamed the California energy market in 2000:
“He just f—s California,” says one Enron employee. “He steals money from California to the tune of about a million.”
“Will you rephrase that?” asks a second employee.
“OK, he, um, he arbitrages the California market to the tune of a million bucks or two a day,” replies the first.
There’s lots more like it. Just click the link to read the whole story.
By the way, did you know that beginning in 1977 California began a comprehensive campaign to improve energy efficiency using a combination of regulation and free market mechanisms? And that per capita energy growth was flat by the mid-1990s? And that California was one of the lowest per-capita energy consumers in the nation when the 2000 crisis hit?
Just thought you’d all like to know.