Right or wrong, the five-year-old perception that Enron Corp. caused California’s energy crisis in 2000-2001 remains fixed in the collective mind of the nation’s most populous state, and the reaction Thursday to the guilty verdicts against Enron’s two former leaders for the most part was that justice had been done, but the state’s electricity consumers continue to pay for the former executives’ misdeeds.
Articles from 2001
Kenneth L. Lay told a Houston audience Tuesday that when he stepped down as CEO of Enron in February 2001 “he was confident that Enron was financially strong, highly profitable, growing rapidly….” Yet 10 months later the company filed for bankruptcy.
In a shortened trading session in observation of the Sept. 11, 2001 terrorist attacks, October natural gas futures were mostly uneventful Friday as they were contained within a slim 18-cent trading range before settling at $11.263, down 8.4 cents on the day but 42.8 cents lower than the previous Friday’s close.
Investors who lost money when Enron Corp. declared bankruptcy in late 2001 filed a petition on Friday asking the judge overseeing some of the bankruptcy proceedings to rule whether Merrill Lynch & Co. was a knowing participant in the former energy trader’s attempt to hide huge losses.
“Keep the lights on and keep the people warm. Keep listening to the customer…I think when we have failed to do that on both the power and gas side, industry has suffered and the country has suffered,” departing Chairman Pat Wood said when asked for his advice to commissioners and staff of the Federal Energy Regulatory Commission and the energy industry.
The players that took charge of the energy merchant sector following the dismal 2001-2002 shakeout continued to lead North American wholesale natural gas sales in 1Q2005, with BP plc, Sempra, ConocoPhillps, Coral and Atmos holding the top five spots in NGI’s latest natural gas marketing survey. However, new participants began “immigrating” into the business during the first quarter, and more are expected to follow, industry experts predict.
A little less than four years after Chevron Corp. and Texaco Inc. merged (see NGI, Sept. 10, 2001), San Ramon, CA-based ChevronTexaco said last week that the company is changing its name to Chevron Corp. immediately in order to present a “unified presence” in the global marketplace going forward.
A little less than four years after Chevron Corp. and Texaco Inc. merged (see Daily GPI, Sept. 10, 2001), San Ramon, CA-based ChevronTexaco announced Monday that the company is changing its name to Chevron Corp. immediately in order to present a “unified presence” in the global marketplace going forward.
A ghost from the 2000-2001 wholesale energy scams that permeated the West has revisited the California Independent System Operator (CAISO) as an offshoot of its implementation last October of part of its comprehensive market redesign. As a result, CAISO has incurred unnecessary higher costs for import and export of power between California and other control areas, and the appearance of so-called “wash” trading where fictional deals take place to boost trading volumes for marketers.
Former Enron CEO Jeffrey Skilling reportedly was taken to a New York hospital last Friday after several people told police he was pulling on their clothes and accusing them of being FBI agents. However, the account was disputed by Skilling’s attorneys, who claim that he and his wife called police after they were assaulted by two people.