Power trades backed with false data (More Enron Allegations, from the WSJ)

The Wall Street Journal ^ | May 9, 2002 | Kathryn Kranhold and Rebecca Smith

[Timesink]

This is a shorter MSNBC version of an article that ran in The Wall Street Journal yesterday, but I don't have access to the WSJ online so I can't post the longer version.

So my question is: How much of this is meaningful and how much is Grey Davis chicanery? I mean, it is the WSJ, but at the same time the article seems to make clear that nothing illegal was done, and I can't help but think that some important information is being left out about how the California ISO handled things.

Can anyone fill in the holes?

[Timesink]

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[d14truth]

"— to exploit structural weaknesses in California’s troubled energy market."

I would translate that as 'government screw-ups and oversights'.

The corporations worked within the confines of the California regulations. 'Lousy' regulations crafted, passed, and signed by the bureaucRATic DOOFI, IMHO.

[Timesink]

Bump for Ernest, who seems to be keeping a good calpowercrisis bump list of his own...

[d14truth]

"Between my fingers is California's biggest problem!"

A 'long-term energy contract' would have stopped all of this 'manipulation', guvner. Oh, I forgot, you were too busy fundraising for Algore and the DNC.

[Incorrigible]

[Ernest_at_the_Beach]

I do have a list.

But I may be wearing people out with the volume. If anyone would prefer less traffic on the Calpowercrisis topics drop me a note!

[keving]

"While not illegal, the strategies contributed to rocketing power costs in the state from mid-2000 to early 2001. The price increases contributed to the near-financial collapse of two of the state’s main private utilities and led the state to spend billions of dollars from its own coffers to make sure the lights stayed on."

I recall the power crisis in Kalifornia being a ploy by democratic strategists to create a crisis that they could "solve" and to blame BUSH during the election. I also recall there being a short term oil crisis so we needed to use the emergency oil reserves.

[liberallarry]

If you want to encourage additional disrespect for the law just keep making arguments like this. Also you totally ignore the role of the previous Republican governor, and Republican legislators, in all of this. A role that was substantial, if not dominant.

[liberallarry]

You're basically making the O.J. argument "I wasn't convicted so I'm not guilty". Technically correct...but morally?

[Ernest_at_the_Beach]

Here is a comment where snopercod responded to my question regarding the WSJ article :

Energy's blame game, While feds slept, Enron milked California ("Not a clue" alert!)

I believe I got the right article.

[Dog Gone]

It can be summed up something like this.

California had nonsensical rules in place which prevented power companies from generating and selling electricity at a profit, as their fuel costs were soaring.

So, the companies tried to figure out ways to get around the rules, and at least in the case of Enron, managed to use California's rules against it.

[Ernest_at_the_Beach]

You seem to believe everything you read in the media!

The Democrats and their Media have an agenda item.

Promote the thought that Enron was totally responsible for the California Power Crisis!

That their favorite politician's had nothing to do with it, that they were VICTIMS!!!!!

[Ernest_at_the_Beach]

I think LewisLynn has changed his name!

[Dog Gone]

The arguments are identical, aren't they? Inaccurate and bogus, but definitely identical.

[liberallarry]

Who said their politicians had nothing to do with it? One of their guys, Steve Peace, designed the flawed deregulation scheme. Grey Davis is not an appealing character - at best. Come on, Ernest I deserve better than that.

[Ernest_at_the_Beach]

You're not LewisLynn?

I guess you just hit a sore point - what you just gave us was a copy of what Lewis was always posting on the threads all last year as we were trying to keep track of all of Davis crazy moves!

Were you reading many of those articles on the CALPOWERCRISIS list?

[okie01]

One thing puzzles me about this whole market manipulation scheme: Enron only sold a total of 200 MwH to the state during the Cal Power Crisis, a grand total of $57,000 worth (@ $285/MwH).

During the same period, the LA WPD sold thousands of MwH to the state, at an average price very nearly double the Enron rate.

So, who is the "profiteer"? And how did Enron actually profit from all of this?

[d14truth]

"If you want to encourage additional disrespect for the law just keep making arguments like this."

I have disdain, not disrespect, for stupid laws. California government--of, by, and for bureaucRATs of many political persuasions--makes many of the worst, and intrusive, decisions pertaining to the lives of its supposedly free people.--Controls that don't control, illegals that aren't illegal, deregulation that isn't deregulation, conservation that isn't conservative, health care without caring for health, and savings that aren't saved.

Laws that protect and defend and are enforceable I have respect for. Laws that allow for the taking of innocent life, that deny EQUAL liberty, and that elevate paganistic/uncivilized practices, and that cannot be reasonably enforced should be disdained and stricken from the books of governance, and left to the individual(or the individual's family)---with freedom goes responsibility.

[Dog Gone]

One of their guys, Steve Peace, designed the flawed deregulation scheme,

Yep, that Democrat bragged about being known as "The Father of California Electricity De-regulation."

He doesn't brag about anymore.