Attorney General of California, Oregon, Washington Furnish Congressional Investigators With Newly Uncovered Enron Documents Outlining Energy Market Manipulation Schemes
(SACRAMENTO) – Attorneys General Bill Lockyer of California, Hardy Myers of Oregon and Christine Gregoire of Washington today sent congressional investigators newly uncovered Enron documents outlining corporate schemes to manipulate energy markets in the West.
"These new documents uncovered recently in Enron's Portland office provide strong confirmation that West Coast energy markets were harmed by price manipulations and distortions by a number of players," Lockyer said. "While we continue to aggressively pursue our energy investigation in the West, we believe it important to make these Enron documents available for congressional hearings into Enron's business conduct and pricing practices."
The Enron documents include handwritten notes from company meetings in early October 2000 describing power trading strategies used to drive up prices in California's energy market. The strategies were described by Tim Belden, head of Enron's West Coast trading operations. The Enron meetings were held to prepare for investigations and subpoenas of the company. The strategies later described in the December 6 and 8, 2000 memos were called such things as "Death Star," "Get Shorty," "Fat Boy" and "Ricochet."
"The documents provide a number of avenues to follow, including references to Williams and Powerex as 'hogs at the trough'," Lockyer said. The Attorney General filed civil complaints in April against Williams and Powerex for overcharges in the California markets.