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Non-Tech : The ENRON Scandal

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To: Mephisto who wrote (4536)	4/7/2003 10:57:44 PM
From: Mephisto	of 5185

[ California Energy Crisis ] Editorial Boston Globe THREE YEARS AGO California suffered electricity shortages and skyrocketing rates that state officials said were caused by manipulation of the state's partially deregulated power system by Enron and other energy suppliers and traders. No, said Bush administration officials, at fault were environmental hurdles to new power sources. A recent report by the Federal Energy Regulatory Commission backs the state officials: It says energy companies like Enron played the state's power market like a fiddle, pumping prices thirtyfold at some points in the crisis. To California's dismay, the report says consumers might be entitled to as little as $3.3 billion in refunds; the state claims they are owed $8.9 billion. The exact amount will be determined by a lengthy regulatory process followed by a possible court challenge. To win back some of the massive economic loss caused by the crisis, which was pegged at $45 billion by the Public Policy Institute of California, the state should fight for every dime it can get. Doing so should also deter such manipulation in the future, in California and elsewhere. boston.com

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