Enron and California

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.

Support Nonprofit Journalism

If you enjoyed this article, consider making a donation to help us produce more like it. The Washington Monthly was founded in 1969 to tell the stories of how government really works—and how to make it work better. Fifty years later, the need for incisive analysis and new, progressive policy ideas is clearer than ever. As a nonprofit, we rely on support from readers like you.

Yes, I’ll make a donation