[Ernest_at_the_Beach]

Some detail on the trading schemes that is new to me!

[Ernest_at_the_Beach]

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[Born to Conserve]

Yea, like my car ran out of gas because Exxon was charging too much.

The power went out in California because California's power companies stopped buying electricity.

[Angelique]

What does Davis think? I suupose his leaderershp is based on the three monkyees. This gets worse by the second....Enron made me do it. How come we did not hear this earlier?

[okie01]

"Enron found legal ways to make money given the market rules that were in place and these strategies probably did influence prices somewhat," Wagner said.

Worth repeating.

California had bunch of amateurs trying to construct and operate an artificial energy market. And a bunch of pros made money off of them.

Where is the news in this?

[alaskanfan]

Where in the hell is that earthquake when you really need it?

[Dog Gone]

our traders are able to buy power for $250 in California and sell it to Arizona for $1,200 and then resell it to California for five times that

The only reason why this was possible is because California had a $250 MW cap for power produced in the state, but no cap on imported electricity.

Their own stupid rules cost them FAR more in the long run. They caused their own shortage by not allowing a free and open market.

[remaininlight]

In retrospect, Grey Davis (scum that he is) was partly right. Enron and Davis are similar in so many ways. Schemers and liars for openers.

[machman]

Ok, so what rules or laws were broken? Was anything they did expressly forbidden?

What I see is a company trying to play (I will admit agressively) by the rules layed down by the idiot regulators and lawmakers in California.

I see crybabies bellyaching over mistakes they made, and of course as usual "the people" suffer from their incompetence.

Grey-out Davis: Wahhhhh!! Mommy, Mommy, Jeffery's being mean to me, Wahhhh!!!!!