20 Years After Enron and Rolling Blackouts, What Have We Learned?
Twenty years ago, California went dark. Without enough electricity to power the state, rolling blackouts shut down businesses, PG&E filed for bankruptcy, the state’s economy contracted and then-Governor Gray Davis’ administration spiraled into crisis. Part of the blame rested with Enron Corporation, an energy company whose brokers created an artificial electricity shortage by taking power plants offline — thereby raising prices by 800% or more. Enron ultimately unravelled when whistleblowers revealed its books were cooked, but not before the company severely damaged energy markets. Two…
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