Enron rigged market: Records
SEATTLE — - SEATTLE — Enron Corp. manipulated the energy market practically every day during the 2000-01 power crunch and gouged Western U.S. customers for the equivalent of about $2.7 billion (Canadian), according to audiotapes and documents.
The $1.1 billion (U.S.) in overcharges were uncovered by the same utility that recently released details of profanity-laced conversations in which Enron traders gleefully gloat about ripping off "those poor grandmothers" in California during the power crisis.
The release recently by the Snohomish Public Utility District provides another glimpse into how Enron allegedly rigged the market at the same time millions of Californians were suffering blackouts and paying sky-high electricity bills.
The utility wants an administrative-law judge to order Enron to surrender as much as $2 billion in ill-gotten gains. California politicians want Enron to reimburse customers there at least $8.9 billion.
The latest documents show Enron manipulated the market on 473 of 537 days from January, 2000, to June, 2001, the utility said.
The documents also show Enron maintained five separate sets of accounting records.
Enron, which filed for bankruptcy protection in 2001 amid a giant accounting scandal, refused to comment on the records except to say it is co-operating with all investigations.
Federal Energy Regulatory Commission spokesperson Bryan Lee said the agency would review the documents to see what new information they contained.
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