California grid suspends Enron's electricity trading

The Sacramento BEE ^ | 1:02 p.m. PST Tuesday, February 11, 2003 | Associated Press

[Robert357]

California grid operators suspended Enron Corp.'s trading and marketing privileges Tuesday, saying the Houston-based company failed to supply accurate data and enough collateral to cover an estimated shortfall.

The California Independent System Operator, which manages much of the state's power grid, said the bankrupt energy company estimated that it owed $15 million to $50 million that it had underreported during 2001 and 2002.

[Robert357]

It is so nice to know that the ISO has all the desire and skill to try to distract folks from the major down rating of all of California's bonds, including the billions in power bonds.

I just love the smell of politics in the air!

[Ernest_at_the_Beach]

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[Robert357]

This is a totally unexpected way for the governor's office to divert atension form the bond rating meltdown. The spin team in Sacramento is working overtime.

Sort of makes one wonder why the reporter didn't ask why the ISO waited until today to suspend Enron. Was there something that happened either today or yesterday of Enron's doing? Nope, then why now?

Sorry, I forgot this is politics

The guys in the officer are saying that this summer is going to be a very expensive time for energy prices

[Robert357]

Wow, that was quick!

[PeoplesRep_of_LA]

Speaking of politics, I wonder if Gray Davis will order the state attorney general to look into this since Enron reported contributed $350,000 to him.

Course if they look into that they might find evidence that Gray screwed the tax payers with the rates he signed into with Enron as well. Nothing will happen.

[Ernest_at_the_Beach]

I just got on for a bit and saw this in breaking news, thought I would help!

I am out till late this evening!

[Dog Gone]

Wait a second. The contract meter reader underreports the amount of power used, and Enron is the one who has to pay the difference, as well as being suspended.

What about going after the customers, or the contract readers?

[snopercod]

The California University System was an Enron direct access customer.