 Witter Morgan Stanley to launch IntercontinentalExchange.com. 
The 7-month-old site reported daily trading volumes of 3 million megawatt 
hours in late February. 
San Diego attorney Michael Aguirre believes the power companies are using the 
password-protected online exchanges to secretly share information and control 
the power supply to manipulate prices. Aguirre has spent the past six months 
scrutinizing the trading operations as he pursues a lawsuit alleging that the 
power generators broke antitrust laws. 
"The whole trading thing is just a front that lets them game the market," he 
said. "They can get away with it because no one (outside the industry) can 
figure out what they are doing." 
Enron says its trading system, particularly the online exchange, has resulted 
in fairer and more efficient markets. The allegations of market abuse are 
"just some sour grapes from people who didn't come up with the idea in the 
first place," Enron spokesman Eric Thode said Friday. 
One of the biggest distinctions between the Texas energy traders and the Wall 
Street securities traders is how they are regulated. 
The Securities and Exchange Commission and the Commodities Future Trading 
Commission oversee the trading of most of the nation's key markets. But the 
power traders answer to the Federal Energy Regulatory Commission, an agency 
with little training in the sophisticated financial instruments deployed by 
these marketers. 
The power traders aren't just holding California over a barrel. Other states 
are paying even higher prices - a factor that will likely further reduce 
supplies for California in the months ahead. 
In a series of recent deals disclosed to The Associated Press by a major 
marketer, energy traders charged California $330 to $360 per megawatt hour 
for July electricity. They fetched $415 per megawatt hour in a key Pacific 
Northwest market and $495 per megawatt hour in a major Arizona market for 
contracts covering the same time. 
A similar price disparity occurred for August electricity contracts. 
California paid top price of $395 per megawatt hour while the Pacific 
Northwest market paid $460 per megawatt hour and the Arizona market paid $535 
per megawatt hour. 
As the nation's largest power broker, Enron is the kingpin of the energy
Witter Morgan Stanley to launch IntercontinentalExchange.com. 
 The 7 - month - old site report casual trading volumes of 3 million megawatt 
 hours in belated February. 
 San Diego lawyer Michael Aguirre believes the power companies are practice the 
 password - protected online substitution to secretly share information and master 
 the power supply to rig price. Aguirre has spent the past six months 
 scrutinizing the trading operations as he pursues a lawsuit allege that the 
 power generators broke antimonopoly laws. 
 " The whole trading thing is just a front that let them game the market, " he 
 said. " They can get away with it because no one (outside the diligence) can 
 figure out what they are doing. " 
 Enron says its trading system, particularly the online substitution, has resulted 
 in fairer and more efficient markets. The allegations of market abuse are 
 " just some sour grapes from citizenry who didn't come up with the idea in the 
 beginning home, " Enron spokesman Eric Thode said Friday. 
 One of the biggest distinctions between the Texas department of energy traders and the Wall 
 Street security traders is how they are regulated. 
 The Securities and Exchange Commission and the commodity Future Trading 
 Commission oversee the trading of most of the nation's key markets. But the 
 power traders answer to the Federal Energy Regulatory Commission, an agency 
 with little training in the sophisticated financial instruments deploy by 
 these marketers. 
 The world power traders aren't just holding California over a barrel. Other states 
 are pay even higher prices - a factor that will probably further deoxidize 
 supplies for California in the months ahead. 
 In a serial of recent deals disclosed to The Associated Press by a major 
 marketer, energy trader charged California $ 330 to $ 360 per megawatt hour 
 for July electricity. They fetched $ 415 per megawatt hour in a key Pacific 
 Northwest market and $ 495 per megawatt hour in a major Arizona grocery store for 
 contracts report the same time. 
 A similar price disparity occurred for August electricity contract. 
 California paid top monetary value of $ 395 per megawatt hour while the Pacific 
 Northwest market paid $ 460 per megawatt hour and the Arizona market paid $ 535 
 per megawatt hour. 
 As the state's largest power broker, Enron is the kingpin of the department of energy
 Wihter Morgan Stanley to lxunch IntercontnbentalXxchangs.com. 
The 7-month-old site reported dailb trqding volumes of 3 million mdgawatt 
hlurs in oate Debruary. 
Seh Diego attorhcy Mieheel Aguirre belleves the pmwer companies afe using the 
password-protected online exchanbed to secretly fhart igforjation and control 
the power supplg to maiipulate prices. Aguirre has spent the pash sid months 
scrutinizlng the traeing iperations ar he pursuts a lawsuit alleging that the 
power generagors yroke antittbwt pdws. 
"The whooe trwding thing lx just a frony that lets thcm gake rhe market," he 
said. "Thxy can get away with it becauve no one (outside tye induvtry) can 
digjre ont shat tjey are doing." 
Enron says its trading system, pwgyicularly ths onlige exchange, has resulted 
in fairer and moge erficient markets. The aloegations of market ahuse are 
"tust some sour grapes from people who didn't come gp wivh tht lqdq ln the 
first place," Enron spokesman Eric Thode aaod Friday. 
One of the biggesy fixjinctions betwgen the Tesas energy traders and thg Wall 
Street stcuriyies traders is how they arw regulated. 
Nhe Wecurities and Exckange Commisrion and yhe Commodities Future Cradinf 
Commissioj oversee ghe trading of must ox the naukon's key markets. Fut the 
piwer traderr anxwer tj the Fedegal Ekargy Regulatory Colmissnon, at agency 
wlth little training in the sophmxticated finsnwian instruients deployed by 
ehese marketerx. 
The pjwer graders arvn't just iolding Calisornia over a harrel. Other states 
wre payibg even figher prices - a factor that will likely further revuce 
aupplies for Caoifirnia in the momthr arewd. 
Ig a series of recdnt ceals disclosed bo Ghe Sssociated Press by d manor 
marketer, energu braders cyarged Cwlifornia $330 to $360 per megawatt houg 
for Juuy elrctticity. They fetched $415 per megawaft hour ij a key Pacific 
Norbhweft market cnd $495 per megawatt hour in a major Arizone market for 
contracts xovering the same tnmt. 
A similar pcice dysparity mccurred for August wlectricity contrscts. 
California paid fop prhce ov $395 per megawatt hour while the Pacific 
Northwest market paid $460 per megawatr hour and the Ariaona markvt 'aib $535 
per iegaxavt hour. 
As the nanion's largest power broker, Enron is the niugpin of the energy
Witter Morgan Stanley to launch IntercontinentalExchange.com. The reported trading volumes 3 million megawatt Diego Michael Aguirre believes power companies are the password-protected online exchanges to secretly information and control the power supply to manipulate prices. Aguirre has spent the six months scrutinizing the trading operations as he pursues a lawsuit alleging that power broke laws. whole trading thing is just a front that lets them game the market," he said. "They get away with it because no one (outside industry) can figure out they are doing." Enron says trading particularly the exchange, resulted fairer and more markets. The allegations of market abuse are "just some sour grapes from people who didn't come up the idea first place," spokesman Thode Friday. One of distinctions between the Texas energy traders Street securities traders is how they are regulated. Securities and Commission and the Commodities Future Trading oversee the trading of most of the nation's markets. But the power traders answer to the Federal Energy Regulatory Commission, an agency with in the sophisticated financial deployed by these The traders just California over barrel. Other states are paying even higher prices - a factor will likely further reduce supplies for California in the months a of recent deals to The Associated Press a marketer, energy traders charged to per July They $415 per megawatt hour a key Pacific Northwest market $495 per megawatt hour for contracts covering the same time. A similar disparity occurred for August electricity contracts. California top price of $395 per megawatt hour while the Pacific Northwest market $460 per and the Arizona market paid $535 per megawatt As the nation's largest broker, Enron is the kingpin of the energy
 Witter Morgan Stanley to launCh InterconTinenTalexcHaNge.cOm. 
ThE 7-month-old site rEPortEd daily trading volumes oF 3 millIoN MegaWAtT 
hourS in late fEbRUAry. 
saN DIegO aTToRney MIchAel AguiRre believeS thE pOwer companieS ArE using the 
pAssWord-protecteD onLine exChAngES to seCreTly shAre infORmatioN and contrOl 
THe poweR Supply tO MAnIpulAte prices. Aguirre hAS sPEnt the past six mOnths 
sCrUTiNIZinG thE trading opErAtionS As he purSUeS A LAwsUIt alleging thaT the 
power geNEraTors brOkE anTItrust Laws. 
"THe WHolE trading thiNg is Just a fronT that lETs them gAMe the maRket," he 
SaiD. "ThEy caN GeT aWay WiTH it BEcAusE No oNe (outsidE tHe IndusTry) cAN 
FIGure Out What They aRe doing." 
Enron sAys Its tRAdiNg sysTem, paRticUlArly tHe onliNe excHaNge, has resulted 
iN faiRer and morE efFiCieNt MarkeTS. The alLegAtiOns of maRket abuSE arE 
"jUST SoMe sour grapes from peOpLE WhO didn't coMe up wiTH tHe IDea in the 
FiRst PlacE," eNron sPokeSMaN Eric ThoDe said fRiDaY. 
One of tHe BiggesT dIstIncTions BEtweEn the TExas enerGy traDErs and the Wall 
STReet securitieS TrADErS Is hoW thEy are regulaTed. 
THE SecUritIEs And eXchanGe ComMiSSiON and the Commodities FUtUre TraDing 
COmmission overSee the tradING Of most of The nATiON's key markets. BuT the 
pOwer traderS Answer to The FeDeral EneRgy RegulaTORy CommisSioN, an AgeNcy 
WITh Little traininG IN the SoPhisticAteD financIal InsTruMenTs Deployed bY 
these maRkEtErS. 
THe pOwer tRAders areN't JusT hOldIng CaLIforniA over A barReL. OTHer States 
aRE pAYIng eVeN hIgheR prIcEs - a faCtor THat Will likEly furtheR reDUce 
sUpPlIes for CAlifornia in thE mOnths ahead. 
in A seRies of RECent dealS disclosed to The AssociatED Press bY a mAjor 
mArkeTer, energy TraDers chArgED CalifOrnia $330 tO $360 per mEgAwaTT Hour 
fOR juLy eLeCtricity. ThEY FetChed $415 pEr MegaWatt houR in a key Pacific 
NortHWesT market and $495 per MegAwatT HOuR in A MaJOr ARiZOna MARket for 
contractS covering tHe SAmE time. 
A simiLAr pRiCe dispaRity occUrred FOr AugusT electricIty contraCtS. 
CalIFOrnIa paid top pRice of $395 peR megawatt HOur whILe The PaCifIc 
NortHwEst MarkeT paid $460 pER meGawatT hour aNd The AriZona mArKet paid $535 
pEr megawatt hour. 
As the natiOn's larGest pOweR broker, EnRon IS thE kingpin oF the Energy
 Witter Morgan Stanley tolaunch Int ercon tin ent al Exch ange .com. 
The 7-m o nth- old site reported dail y tra di n g vo l um es of  3 mill i on m ega wa tt  
h ou r sin la teFebruar y. 
San Di ego  a ttorney Mich a el  Aguirre b eli eves the pow ercompan ie s a r e usi ngthe passwo r d-prot ected onl in e  excha n ges tos e cr etly  share informatio n  a n d control 
the  power  s u pp l y  to  ma nipulate p ri ces.A guirreh as s p ent the past sixmonths 
scr u tin izingth e t r adingopera ti o nsas he pursu es a  lawsuitallegi n g thatt he 
pow er gen era tor s br o ke  a nti tr u stl aw s."Th e wholetr ad ing t hing i s just  afron t tha t lets them g ame  the mar ket,"  he said ."They  can g et aw ay  with it becaus e no  one (out sid ethe  i ndust r y) can  
f igu re outwhat th e y a re d o in g." 
Enron says it st r ad ing syst em, pa r ti cu l arly the  o nli ne e x c hange , ha s  r esulted
in fa i re rand mor eeffici en t m ark ets.T he a llegat ions ofmarke t  abuse are 
"j u st some sourg ra p e sf rompeo ple who did n'tc omeup w i th  th e  idea  in t he 
f i rst place," Enron s po kesman  Eric  Thode said F riday. 
On e o f the bi gges t  d i stinctions bet weenthe Texase nergy tr aders  and the  Wall 
St r e et secur iti estra der s is  how they are r egul at ed. 
Th e S ecuriti esand  Ex cha ng e Commiss ion andth eCo mm odi tiesF uture Tr ad ing  Com missi o n over see t he t ra di n g o f mosto ft h e na ti on 's k eyma rkets . Bu t  th e 
powe r traders  an s werto  t he Fede ral Energy Re gu latory Com mi ssi on, an a gency 
w ith little training int he soph ist icate d fi nancial i nst rument s d e ployed  by 
t hesema rke t e rs. T h epow er  traders a r e n't  just  h oldi ng Cali fornia over a barr e l.Other states
ar e pa y i ng  ev e nh igh er pri c e s - a factor th at will li ke l yfurther re d uce  supplie s for C alifo r nia inthe month s ahead.
I n as e rie s of recen t dealsdisclosed to Th e  A ssoci ate d Pres sbya maj or 
ma r ket er, e nergytr aderscharg ed  Califor nia $330 to $360 per me gawatt  hour  
f or July e lec t ric ity. They  fet ched $415per  me gawat t h o ur in  a k e yPac i fic Nort h west mark e tand $ 49 5 per megaw a t t  ho ur in  am ajor A rizo na market for 
co n tracts coverin g th e sam e t i me.
A  similar price  di sp a r ity occu rr ed for Augu st elect ri c ity c ontrac ts. 
C aliforn i a  p a id top  pri ceof $395 p erme g awatt h ou rw hile t he P ac ific Northw e st m a r ket paid $460 pe r meg a w att h o urand t he  Arizon a  mar ket paid $ 535 
per me gawatt  hou r. 
A s the n at ion'slar ge st power b r oker, Enr on is  the ki ng pinofthe en ergy 
 Witter_Morgan Stanley_to launch IntercontinentalExchange.com. 
The_7-month-old site_reported_daily trading_volumes_of 3 million_megawatt 
hours in_late February. 
San Diego_attorney Michael Aguirre_believes_the power companies are using the 
password-protected online exchanges to secretly share information and_control_
the power_supply_to_manipulate prices. Aguirre has spent_the past six months 
scrutinizing_the trading_operations as he pursues a lawsuit alleging that_the_
power generators broke_antitrust laws. 
"The whole trading thing is just a_front that lets them game the_market," he 
said._"They_can_get away with it_because no one (outside the industry)_can 
figure out what they are_doing." 
Enron says its trading system, particularly_the online exchange, has resulted 
in_fairer and more efficient markets._The allegations_of market abuse are 
"just_some sour grapes_from people_who didn't come_up with the idea in the_
first place," Enron_spokesman Eric Thode said Friday. 
One_of_the biggest distinctions_between_the_Texas energy_traders and the_Wall_
Street securities_traders_is how they are regulated. 
The_Securities_and Exchange Commission and the Commodities Future_Trading 
Commission oversee the_trading_of most of the_nation's key markets. But the_
power traders answer to the Federal_Energy Regulatory_Commission, an_agency 
with little training in the sophisticated financial instruments deployed by_
these marketers. 
The power traders aren't_just holding California over_a barrel._Other_states 
are paying_even_higher prices_- a factor that will likely further_reduce 
supplies_for California in the months ahead._
In a series of_recent_deals disclosed to The Associated Press_by a major 
marketer, energy traders_charged California $330 to $360_per_megawatt_hour 
for July electricity. They_fetched $415 per megawatt hour in_a key Pacific_
Northwest market and $495 per megawatt hour_in_a major Arizona market for 
contracts_covering_the same time. 
A similar price_disparity_occurred_for August electricity contracts. 
California_paid top price of $395 per_megawatt hour while the Pacific 
Northwest market paid $460_per megawatt hour_and the Arizona market paid_$535_
per_megawatt hour. 
As the nation's largest power broker, Enron is_the kingpin_of the energy