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 decades later, Forum asks what we’ve learned from that calamity— and whether our electricity supply is safe from market manipulation.

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