nron Corporation (former New York Stock Exchange ticker symbol ENE) was an

American energy, commodities, and services company based in Houston, Texas.

Before its bankruptcy on December 2, 2001, Enron employed approximately
20,000 staff and was one of the world's major electricity, natural gas,
communications and pulp and paper companies, with claimed revenues of nearly
$111 billion during 2000.[1] Fortune named Enron "America's Most Innovative
Company" for six consecutive years.

At the end of 2001, it was revealed that its reported financial condition was
sustained by an institutionalized, systematic, and creatively planned accounting
fraud, known since as the Enron scandal. Enron has since become a well-known
example of willful corporate fraud and corruption. The scandal also brought into
question the accounting practices and activities of many corporations in the
United States and was a factor in the enactment of the SarbanesOxley Act of
2002. The scandal also affected the greater business world by causing the
dissolution of the Arthur Andersen accounting firm.[2]

Arthur Andersen Witnesses

Enron filed for bankruptcy in the Southern District of New York in late 2001 and
selected Weil, Gotshal & Manges as its bankruptcy counsel. It ended its
bankruptcy during November 2004, pursuant to a court-approved plan of
reorganization, after one of the most complex bankruptcy cases in U.S. history. A
new board of directors changed the name of Enron to Enron Creditors Recovery
Corp., and emphasized reorganizing and liquidating certain operations and assets
of the pre-bankruptcy Enron.[3] On September 7, 2006, Enron sold Prisma Energy
International Inc., its last remaining business, to Ashmore Energy International
Ltd. (now AEI).
Products[edit]
Enron traded in more than 30 different products, including the following:

Products traded on EnronOnline

Petrochemicals
Plastics
Power
Pulp and paper
Steel

Weather Risk Management

Oil and LNG transportation
Broadband
Principal investments
Risk management for commodities
Shipping / freight
Streaming media
Water and wastewater
It was also an extensive futures trader, including sugar, coffee, grains, hogs, and
other meat futures. At the time of its bankruptcy filing during December 2001,
Enron was structured into seven distinct business units.

Online marketplace services[edit]

EnronOnline (commodity trading platform).
ClickPaper (transaction platform for pulp, paper, and wood products).
EnronCredit (the first global online credit department to provide live credit prices
and enable business-to-business customers to hedge credit exposure instantly
via the Internet).
ePowerOnline (customer interface for Enron Broadband Services).
Enron Direct (sales of fixed-price contracts for gas and electricity; Europe only).
EnergyDesk (energy-related derivatives trading; Europe only).
NewPowerCompany (online energy trading, joint venture with IBM and AOL).
Enron Weather (weather derivatives).
DealBench (online business services).
Water2Water (water storage, supply, and quality credits trading).
HotTap (customer interface for Enron's U.S. gas pipeline businesses).
Enromarkt (business to business pricing and information platform; Germany
only).
Broadband services[edit]
Enron Intelligent Network (broadband content delivery).

Enron Media Services (risk management services for media content companies).
Customizable Bandwidth Solutions (bandwidth and fiber products trading).
Streaming Media Applications (live or on-demand Internet broadcasting
applications).
Energy and commodities services[edit]
Enron Power (electricity wholesaling).
Enron Natural Gas (natural gas wholesaling).
Enron Clean Fuels (biofuel wholesaling).
Enron Pulp and Paper, Packaging, and Lumber (risk management derivatives for
forest products industry).
Enron Coal and Emissions (coal wholesaling and CO2 offsets trading).
Enron Plastics and Petrochemicals (price risk management for polymers, olefins,
methanol, aromatics, and natural gas liquids).
Enron Weather Risk Management (Weather Derivatives).
Enron Steel (financial swap contracts and spot pricing for the steel industry).
Enron Crude Oil and Oil Products (petroleum hedging).
Enron Wind Power Services (wind turbine manufacturing and wind farm
operation).
MG Plc. (U.K. metals merchant).
Enron Energy Services (Selling services to industrial end users).
Enron International (operation of all overseas assets).
Capital and risk management services[edit]
Commercial and industrial outsourcing services[edit]
Commodity Management.
Energy Asset Management.
Energy Information Management.
Facility Management.
Capital Management.
Azurix Inc. (water utilities and infrastructure).
Project development and management services[edit]

Energy Infrastructure Development (developing, financing, and operation of

power plants and related projects).
Enron Global Exploration & Production Inc. (upstream oil and natural gas
international development).
Elektro Electricidade e Servicos SA (Brazilian electric utility).
Northern Border Pipeline.
Houston Pipeline.
Transwestern Pipeline.
Florida Gas Transmission.
Northern Natural Gas Company.
Natural Gas Storage.
Compression Services.
Gas Processing and Treatment.
Engineering, Procurement, and Construction Services.
EOTT Energy Inc. (oil transportation).
Enron manufactured gas valves, circuit breakers, thermostats, and electrical
equipment in Venezuela by means of INSELA SA, a 5050 joint venture with
General Electric. Enron owned three paper and pulp products companies: Garden
State Paper, a newsprint mill; as well as Papiers Stadacona and St. Aurelie
Timberlands. Enron had a controlling stake in the Louisiana-based petroleum
exploration and production company Mariner Energy.

Enron International[edit]
Enron International (EI) was Enron's wholesale asset development and asset
management business. Its primary emphasis was developing and building natural
gas power plants outside North America. Enron Engineering and Construction
Company (EECC) was a wholly owned subsidiary of Enron International, and built
almost all of Enron International's power plants. Unlike other business units of
Enron, Enron International had a strong cash flow on bankruptcy filing.[citation
needed] Enron International consisted of all of Enron's foreign power projects,
including ones in Europe.

The company's Teesside plant was one of the largest gas-fired power stations in
the world, built and operated by Enron from 1989, and produced 3 percent of the
United Kingdom's energy needs.[8][9] Enron owned half of the plant's equity,

with the remaining 50 per cent split between four regional electricity companies.
[9]

Management[edit]
Rebecca Mark was the CEO of Enron International until she resigned to manage
Enron's newly acquired water business, Azurix, during 1997. Mark had a major
role in the development of the Dabhol project in India, Enron's largest
international endeavor.[citation needed]

Projects[edit]
Enron International constructed power plants and pipelines across the globe.
Some are presently still operating, including the massive Teesside plant in
England. Others, like a barge-mounted plant off Puerto Plata in the Dominican
Republic, cost Enron money by lawsuits and investment losses.[citation needed]
Puerto Plata was a barge-mounted power plant next to the hotel Hotelero del
Atlantico. When the plant was activated, winds blew soot from the plant onto the
hotel guests' meals, blackening their food. The winds also blew garbage from
nearby slums into the plant's water-intake system. For some time the only
solution was to hire men who would row out and push the garbage away with
their paddles.[citation needed] Through mid-2000 the company collected a paltry
$3.5 million from a $95 million investment.[citation needed] Enron also had other
investment projects in Europe, South America, Argentina, Brazil, Bolivia,
Colombia, Mexico, Jamaica, Venezuela, and across the Caribbean.[citation
needed]

India[edit]
Around 1992 Indian experts came to the United States to find energy investors to
help with India's energy shortage problems.[citation needed] During December
1993, Enron finalized a 20-year power-purchase contract with the Maharashtra
State Electricity Board.[citation needed] The contract allowed Enron to construct
a massive 2,015 megawatt power plant on a remote volcanic bluff 100 miles (160
km) south of Mumbai. Construction would be completed in two phases, and Enron
would form the Dabhol Power Company to help manage the plant. The power
project was the first step in a $20 billion scheme to help rebuild and stabilize
India's power grid. Enron, GE (which was selling turbines to the project), and
Bechtel (which was actually constructing the plant), each contributed 10% equity.
[citation needed]

During 1996, when India's Congress Party was no longer in power, the Indian
government assessed the project as being excessively expensive and refused to

pay for the plant and stopped construction.[citation needed] The Maharashtra
State Electricity Board (MSEB), the local state-owned utility, was required by
contract to continue to pay Enron plant maintenance charges, even if no power
was purchased from the plant. The MSEB determined that it could not afford to
purchase the power (at Rs. 8 per unit kWh) charged by Enron. The plant operator
was unable to find alternate customers for Dabhol power due to the absence of a
free market in the regulated structure of utilities in India.[citation needed] From
1996 until Enron's bankruptcy during 2001 the company tried to revive the
project and revive interest in India's need for the power plant without success.

Project Summer[edit]
During the summer of 2001, Enron made an attempt to sell a number of Enron
International's assets, many of which were not sold. The public and media
believed it was unknown why Enron wanted to sell these assets, suspecting it was
because Enron was in need of cash.[10] Employees who worked with company
assets were told in 2000 [11] that Jeff Skilling believed that business assets were
an outdated means of company worth, and instead he wanted to build a
company based on "intellectual assets".

Enron Global Exploration & Production, Inc.[edit]

Enron Global Exploration & Production Inc. (EGEP) was an Enron subsidiary that
was born from the split of domestic assets via EOG Resources (formerly Enron Oil
and Gas EOG) and international assets via EGEP (formerly Enron Oil and Gas Int'l,
Ltd EOGIL).[12] Among the EGEP assets were the Panna-Mukta and the South
Tapti fields, discovered by the Indian state-owned Oil and Natural Gas Corporation
(ONGC), which operated the fields initially.[13] December 1994, a joint venture
began between ONGC (40%), Enron (30%) and Reliance (30%).[13] Mid year of
2002, British Gas (BG) completed the acquisition of EGEP's 30% share of the
Panna-Mukta and Tapti fields for $350 million, a few months before Enron filed
bankruptcy.[14]