I recently wrote an article on Enron and Carbon Trading. Here is another bit excerpted from a link provided in Enron and Carbon Trading.
Enron commissioned its own internal study of global warming science. It turned out to be largely in agreement with the same scientists that Enron was trying to shut up. After considering all of the inconsistencies in climate science, the report concluded: “The very real possibility is that the great climate alarm could be a false alarm. The anthropogenic warming could well be less than thought and favorably distributed.”from: Investigate Magazine March 2006. Note that Enron was a major broker of natural gas.
One of Enron’s major consultants in that study was NASA scientist James Hansen, who started the whole global warming mess in 1988 with his bombastic congressional testimony. Recently he published a paper in the Proceedings of the National Academy of Sciences predicting exactly the same inconsequential amount of warming in the next 50 years as the scientists that Enron wanted to gag.
They were a decade ahead of NASA. True to its plan, Enron never made its own findings public, self-censoring them while it pleaded with the Bush administration for a cap on carbon dioxide emissions that it could broker. That pleading continues today – the remnant-Enron still views global warming regulation as the straw that will raise it from its corporate oblivion.
”Enron stood to profit millions from global warming energy-trading schemes,” said Mike Carey, president of the Ohio Coal Association and American Coal Coalition. The investigation into the collapse of Enron will reveal much more about the intricacies of the Baptist-bootlegger coalition which was promoting the Kyoto cause within the Republican Party and within US business circles. Coal-burning utilities would have had to pay billions for permits because they emit more CO2 than do natural gas facilities. That would have encouraged closing coal plants in favor of natural gas or other kinds of power plants, driving up prices for those alternatives.
Enron, along with other key energy companies in the so-called Clean Power Group – El Paso Corp., NiSource, Trigen Energy, and Calpine – would make money both coming and going – from selling permits and then their own energy at higher prices. If the Kyoto Protocol were ratified and in full force, experts estimated that Americans would lose between $100 billion and $400 billion each year. Additionally, between 1 and 3.5 million jobs could be lost. That means that each household could lose an average of up to $6,000 each year. That is a lot to ask of Americans just so large energy companies can pocket millions from a regulatory scheme. Moreover, a cost of $400 billion annually makes Enron’s current one-time loss of $6 billion look like pocket change.
Cross Posted at Classical Values, June 4, 2009, 0141z