Editing Enron (section)

==Products==
Enron traded in more than 30 different products, including [[Petroleum|oil]] and [[Liquefied natural gas|LNG]] transportation, [[broadband]], principal investments, risk management for commodities, shipping / [[Cargo|freight]], streaming media, and water and [[wastewater]]. Products traded on EnronOnline in particular included [[petrochemicals]], plastics, [[electric power|power]], [[wood pulp|pulp]] and paper, steel, and [[weather risk management]]. Enron was also an extensive [[futures contract|futures trader]], including sugar, coffee, grains, hogs, and other meat futures. At the time of its bankruptcy filing in December 2001, Enron was structured into seven distinct business units.

===Online marketplace services===
* 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===
* 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===
* 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 the 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|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===

====Commercial and industrial outsourcing services====
* Commodity Management.
* Energy Asset Management.
* Energy Information Management.
* Facility Management.
* Capital Management.
* [[Azurix]] Inc. (water utilities and infrastructure).

====Project development and management services====
* 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 breaker]]s, [[thermostats]], and electrical equipment in Venezuela using INSELA SA, a 50–50 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]].

=== EnronOnline ===
Enron opened EnronOnline, an [[electronic trading platform]] for energy commodities, on November 29, 1999.<ref name="Kolb239">{{cite book|url=https://books.google.com/books?id=pV3aMRUKi10C&pg=PA239|title=Financial Derivatives: Pricing and Risk Management|last2=Overdahl|first2=James A.|publisher=John Wiley & Sons|year=2009|isbn=9780470541746|location=Hoboken, NJ|page=239|last1=Kolb|first1=Robert|author-link1=Robert Kolb}}</ref><ref>{{cite book|url=https://books.google.com/books?id=oPsuIAOls6QC&pg=PA157|title=Energy Derivatives: Trading Emerging Markets|last2=Wilcox|first2=Jeremy|publisher=Energy Publishing Enterprises|year=2000|isbn=9780970222800|location=New York|page=157|last1=Fusaro|first1=Peter C.}}</ref> Conceptualized by the company's European Gas Trading team, it was the first web-based transaction system that allowed buyers and sellers to buy, sell, and trade commodity products globally. It allowed users to do business only with Enron. The site allowed Enron to transact with participants in the global energy markets. The main commodities offered on EnronOnline were natural gas and electricity, although there were 500 other products including [[credit derivative]]s, bankruptcy swaps, pulp, gas, plastics, paper, steel, metals, [[freight]], and TV commercial time. At its maximum, more than $6 billion worth of commodities were transacted using EnronOnline every day, but specialists questioned how Enron reported trades and calculated its profits, saying that the same fraudulent accounting that was rampant at Enron's other operations may have been used in trading.<ref name=":4" />

After Enron's bankruptcy in late 2001, EnronOnline was sold to the Swiss financial giant [[UBS]]. Within a year, UBS abandoned its efforts to relaunch the division and closed it in November 2002.<ref name="Kolb239" /><ref name=":4">{{cite news|url=https://www.nytimes.com/2002/11/21/business/ubs-closing-trading-floor-it-acquired-from-enron.html|title=UBS Closing Trading Floor It Acquired From Enron|date=November 21, 2002|newspaper=The New York Times|first=Barboza|last=David|access-date=June 23, 2014}}</ref>

=== Enron International ===
'''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 at the bankruptcy filing.{{Citation needed|date=January 2012}} Enron International consisted of all of Enron's foreign power projects, including ones in Europe.

The company's [[Teesside Power Station|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.<ref name="Electricity Game 2012">"Principal Player in the Electricity Game". ''[[Financial Times]]''. (London, England) September 17, 1990: 19. Retrieved July 4, 2012.</ref> Enron owned half of the plant's [[Equity (finance)|equity]], with the remaining 50 percent split between four regional electricity companies.<ref name="Electricity Game 2012"/>

==== Management ====
[[Rebecca Mark-Jusbasche|Rebecca Mark]] was the CEO of Enron International until she resigned to manage Enron's newly acquired water business, [[Azurix]], in 1997. Mark had a major role in the development of the Dabhol project in India, Enron's largest international endeavor.<ref>{{Cite book|last=Dun & Bradstreet Corporation.|title=Financial risk management|date=2007|publisher=Tata McGraw-Hill|isbn=978-0-07-061149-8|location=New Delhi|oclc=97369098}}</ref>

==== Projects ====
Enron International constructed power plants and pipelines across the globe. Some are presently still operating, including the massive [[Teesside Power Station|Teesside plant]] in England. Others, like a barge-mounted plant off Puerto Plata in the Dominican Republic, cost Enron money through lawsuits and investment losses.<ref>{{Cite web|title=Enron's Empire {{!}} corpwatch|url=https://www.corpwatch.org/article/enrons-empire|access-date=2022-02-20|website=www.corpwatch.org}}</ref> 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.<ref name="mclean" /> Through mid-2000 the company collected a paltry $3.5&nbsp;million from a $95&nbsp;million investment.<ref name="mclean" /> Enron also had other investment projects in Europe, Argentina, [[Brazil]], Bolivia, [[Colombia]], Mexico, [[Jamaica]], Venezuela, elsewhere in South America and across the [[Caribbean]].<ref name="mclean" />

==== India ====
Around 1992 [[India]]n experts came to the United States to find energy investors to help with India's energy shortage problems.<ref name="mclean" /> During December 1993, Enron finalized a 20-year power-purchase contract with the [[Maharashtra State Electricity Board]].<ref name="mclean" /> The contract allowed Enron to construct a massive 2,015 megawatt power plant on a remote volcanic bluff {{convert|100|mi|km}} south of Mumbai through a two-phase project called [[Dabhol Power Station]].<ref>Fox, Loren. [https://books.google.com/books?id=3-qvLpoYXUIC&pg=PA50 ''Enron: The Rise and Fall'']. John Wiley & Sons, 2004. pp. 50–51.</ref> 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&nbsp;billion scheme to help rebuild and stabilize India's power grid. Enron, [[General Electric|GE]] (which was selling turbines to the project), and [[Bechtel]] (which was constructing the plant), each contributed 10% [[Equity (finance)|equity]] with the remaining 90% covered by the MSEB <ref>Moffett, Michael H. [https://www.scribd.com/doc/191623372/Enron-1 ''What Happened at Enron?''] [[Thunderbird School of Global Management]], 2004. p. 5.</ref>

In 1996, when India's Congress Party was no longer in power, the Indian government assessed the project as being excessively expensive, refused to pay for the plant, and stopped construction.<ref name="mclean" /> The MSEB 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|date=January 2012}}

By 2000, the Dabhol plant was almost complete and Phase 1 had begun producing power.<ref>Shahi, R. V. [https://books.google.com/books?id=a7ZvQNb_7V0C&pg=PA49 ''Indian Power Sector: Challenge and Response: Compilation of Papers Presented During 1991–2001'']. Excel Books India, 2006. p. 49.</ref><ref>Conklin, David W. [https://books.google.com/books?id=Ppjam4YUSiUC&pg=PA353 ''Cases in the Environment of Business: International Perspectives'']. SAGE, 2006. p. 353.</ref> Enron as a whole, however, was heavily overextended,<ref>Barboza, David. [https://www.nytimes.com/2002/03/09/business/enron-sought-to-raise-cash-two-years-ago.html?pagewanted=all&src=pm "Enron Sought To Raise Cash Two Years Ago"]. ''[[New York Times]]''. March 9, 2002.</ref> and in the summer of that year Mark and all the key executives at Enron International were asked to resign from Enron to reshape the company and get rid of asset businesses.<ref name=eichenwald362>[[Kurt Eichenwald|Eichenwald, Kurt]]. [https://books.google.com/books?id=ndr6gaslItoC&pg=PA362 ''Conspiracy of Fools: A True Story'']. Random House, 2005. pp. 362–364.</ref> Shortly thereafter a payment dispute with MSEB ensued, and Enron issued a stop-work order on the plant in June 2001.<ref>[http://www.enron-mail.com/email/kitchen-l/_americas/sec_media/Enron_Mentions_36.html "INDIA: Enron's Dabhol suffers legal setback in Indian row".] ''[[Reuters]]''. November 9, 2001.</ref><ref>[https://web.archive.org/web/20030508190934/http://www.hindu.com/2001/06/19/stories/05192512.htm "No way but to negotiate"]. ''[[The Hindu]]''. June 19, 2001.</ref> From 1996 until Enron's bankruptcy in 2001 the company tried to revive the project and revive interest in India's need for the power plant without success. By December 2001 the [[Enron scandal|Enron scandal and bankruptcy]] cut short any opportunity to revive the construction and complete the plant.<ref name=pretorius>Pretorius, Frederik; Chung-Hsu, Berry-Fong; McInnes, Arthur; Lejot, Paul; Arner, Douglas. [https://books.google.com/books?id=jAWNOeH36hUC&pg=PA321 ''Project Finance for Construction and Infrastructure: Principles and Case Studies'']. John Wiley & Sons, 2008. pp. 319–321.</ref> In 2005, an Indian government-run company,<ref>Salacuse, Jeswald W. [https://books.google.com/books?id=q_qqCAm0StsC&pg=PT400 ''The Three Laws of International Investment: National, Contractual, and International Frameworks for Foreign Capital'']. Oxford University Press, 2013. pp. 293–295.</ref> [[Ratnagiri Gas and Power]], was set up to finish construction on the Dabhol facility and operate the plant.<ref>Singh, Ramesh. [https://books.google.com/books?id=TWpmjwFabkQC&pg=SA10-PA37 ''Indian Economy'']. Tata McGraw-Hill, 2008. p. 11.5.</ref>

==== Project summer ====
During the summer of 2001, Enron attempted to sell several 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 needed cash.<ref>{{cite web|last=Barboza|first=David|title=Enron Sought to Raise Cash Two Years Ago|url=http://bodurtha.georgetown.edu/enron/Enron%20Sought%20to%20Raise%20Cash%20Two%20Years%20Ago.htm|publisher=Georgetown University|access-date=May 7, 2012|url-status=dead|archive-url=https://web.archive.org/web/20121215062936/http://bodurtha.georgetown.edu/enron/Enron%20Sought%20to%20Raise%20Cash%20Two%20Years%20Ago.htm|archive-date=December 15, 2012}}</ref> Employees who worked with company assets were told in 2000 <ref>Enron Communication, 4th Quarter, 2000</ref> that Jeff Skilling believed that business assets were an outdated means of a company's worth, and instead he wanted to build a company based on "intellectual assets".

=== Enron Global Exploration & Production, Inc. ===
'''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).<ref>{{cite web|url=http://www.highbeam.com/doc/1G1-55212997.html|archive-url=https://web.archive.org/web/20150924155812/http://www.highbeam.com/doc/1G1-55212997.html|url-status=dead|archive-date=September 24, 2015|title=Enron Oil, Gas Production Unit to Become Independent|agency=Knight Ridder/Tribune Business News|date=July 20, 1999|last=Davis|first=Michael|access-date=September 6, 2017}}</ref> 
Among the EGEP assets were the [[Panna-Mukta oilfield|Panna-Mukta]] and the South Tapti fields, discovered by the Indian state-owned [[Oil and Natural Gas Corporation]] (ONGC), which operated the fields initially.<ref name=Comptroller201009>{{cite web|url=http://saiindia.gov.in/english/home/Our_Products/Audit_Report/Government_Wise/union_audit/recent_reports/union_performance/2011_2012/Civil_%20Performance_Audits/Report_19/chap6.pdf|title=Performance Audit of Hydrocarbon PSCs – Findings in respect of Panna-Mukta and Mid & South Tapti Fields|date=September 2010|publisher=Comptroller and Auditor General of India|access-date=April 30, 2012|url-status=dead|archive-url=https://web.archive.org/web/20130122011653/http://saiindia.gov.in/english/home/Our_Products/Audit_Report/Government_Wise/union_audit/recent_reports/union_performance/2011_2012/Civil_%20Performance_Audits/Report_19/chap6.pdf|archive-date=January 22, 2013}}</ref>
December 1994, a joint venture began between ONGC (40%), Enron (30%) and Reliance (30%).<ref name=Comptroller201009/>
Mid-year of 2002, British Gas ([[BG Group|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.<ref name=EconTimes20020701>{{cite web|url=http://articles.economictimes.indiatimes.com/2002-07-01/news/27346582_1_panna-mukta-operatorship-bg-exploration|archive-url=https://web.archive.org/web/20130514065422/http://articles.economictimes.indiatimes.com/2002-07-01/news/27346582_1_panna-mukta-operatorship-bg-exploration|url-status=dead|archive-date=May 14, 2013|work=[[The Economic Times]]|title=Panna-Mukta oilfield talks deadlocked|date=July 1, 2002|access-date=April 30, 2012}}</ref>