Editing Enron (section)

=== 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".