Energy is the ultimate convertable currency.
Enron is now officially out of the energy business. They are now in a new business: confetti.
In crude oil trading, we have seen a 46 percent increase over 1 year in the margins there.
But indeed a market like California is not good for Enron.
In terms of the energy-banking concept, what we'd love to be able to do is to act in a way where customers could deposit excess energy when they didn't need it and withdraw it when they did need it.
We were building a - what I thought was a fantastic company. We had great people. We were changing - we were changing the way the marketplace operated. We were creating a market for natural gas and electricity that had never existed before.
Today, there are also buyers and sellers of all these energy commodities, just like there are buyers and sellers of food commodities and many other commodities.
Well, we're trying to patch and fix and put a cast on a broken system here. You can call it what you want, but we'll continue to purchase power in a private market.
You can't sell thermal power without the competitive bidding.
