Enron made deals with both producers and suppliers of commodities. These producers/suppliers are risk adverse and would rather give up the upside of a commodity price to stave off any downside possibilities. Enron would then make other deals with speculators who are willing to take the risk off our hands. For the core commodities, this was done on a global scale. This was a VERY profitable business ($101 billion in revenue last year).
Bread and butter was Gas and Power, also did deals in Paper, pulp, lumber. water, bandwidth (one of the things that killed them), weather(temp and rain). equities, trucking cargo space, metals crude and refined products, currencies, ...the list was endless.
Thanks for the company tour.....I thought i remembered something about bandwidth and how they were in deep.....lot's of investment and little revenue.