Washington, D.C. - U.S. Rep. Brian Baird rallied his colleagues in Congress today to speak out about recent proof of energy market manipulation in the Northwest during the crisis of 2001.  The action followed the Snohomish County Public Utility District’s release of a taped conversation in which two Enron traders are overheard bragging about money stolen from grandmothers by “rigging” electricity markets. 

Electricity prices skyrocketed a hundred-fold in a matter of months during the energy crisis of 2001.  During this time, Rep. Baird and members of the NW Congressional delegation argued energy companies were illegally manipulating the market, repeatedly asking the Bush Administration to intervene.  The Administration, however, refused to act, insisting the markets were responding to natural supply and demand fluctuations.  On March 19, 2001, the President stated, in response to exploding electricity prices, “One thing is for certain: There are no short-term fixes.”1 

“We approached Vice-President Cheney repeatedly before and during the energy crisis, urging the administration to investigate claims of energy market manipulation in the NW,” said Rep. Baird.  “We were flatly denied these requests, were given the excuse that market forces were to blame for the overwhelming increase in energy rates for our communities.  To hear Enron traders openly bragging about stealing money from grandmothers depicts the sinister deceit that was perpetrated on citizens of the NW.”

A transcript of the conversation is  available online at: http://www.snopud.com/?page=653

An audio version of the Enron Traders’ conversation can be heard on National Public Radio’s Morning Edition web page: http://www.npr.org/rundowns/segment.php?wfId=1920810.
 

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1. “Remarks by the President after Meeting with National Energy Policy Development Group,” 19 March 2001, http://www.whitehouse.gov/news/releases/2001/03/20010320-1.html.