And I believe every last bit of it, the poor employees (30,000?) that lost everything, sad!! The movie sort of moves slowly in the 1st 45min but then I just sat there in amazement, hard to believe how corrupt big corporations can be and totally unethical with no morals at all (You Californians will love this because they show how they screwed you during the power crisis) Anyway, pretty entertaining and worthwhile IMO :chi: NSF
Reply With QuoteWhile Enron was a bunch of crooked mofo's... the California Gov't holds part of the blame on the "power shortage"...
There were no controls in place to keep generating companies from holding back capacity... the joys of de-regulation, especially if it isn't well thought out... so the generators and marketers would hold off, then sell power on the spot market at 1000% of margin. In the regulated market, everyone had firm contracts and are required to generate as much power as is needed by the system. the excess can still be bought and sold on the open market, but they can't hold it back like they did that summer.
Then on top of it all, the retailers were not allowed to increase rates to make up for having to buy this electricity at premium prices... so they simply couldn't and didn't pay the bill... so in steps the State... and well... you know the rest.
De-regulation was sold under the guise of lowering power costs and improving service... and the legislature bought it hook, line, and sinker... when has de-regulation improved anything???
