tailieunhanh - CORPORATE AFTERSHOCK 1 PHẦN 8

Cho Berle và phương tiện, các công ty công cộng lớn đã trở thành trong thế kỷ XX "tổ chức chi phối trong thế giới hiện đại." 37 Là sự giàu có của các cá nhân vô số tập trung "vào tập hợp rất lớn," kiểm soát sự giàu có mà chuyển từ tay của chủ sở hữu của nó bàn tay của những có thể cung cấp một hướng thống nhất để các doanh nghiệp mới này tách biệt quyền sở hữu khỏi sự kiểm soát. | PART TWO Energy and Derivatives Markets after Enron 4 WHOLESALE ELECTRICITY MARKETS AND PRODUCTS AFTER ENRON Andrea M. P. Neves Of the numerous energy markets in which Enron Corporation was an active participant electricity markets have received the most No doubt one reason for this is the conventional belief that power is a public good and that low-priced electricity and reliability are rights to which consumers are naturally entitled like national Both the size of Enron s activity in global power markets and Enron s alleged complicity in contributing to or exacerbating the California energy crisis of 2000 have brought about the realization that an otherwise complex trading market and John Q. Public are innately connected. The unusual features of electricity . nonstorability itself have also led to confusion about what exactly wholesale power markets are what Enron did in these markets and whether the firm s activities were on balance stabilizing or destabilizing for the market in general. This chapter provides a brief primer on the . power market to help explain the function and operation of this market and Enron s place in the market. The first section provides a brief history of Enron itself and its role in the development of energy markets. The second section presents basic concepts key to understanding electricity markets. In the third section the types of participants in the wholesale power market are reviewed followed by a discussion of the most common contracts that allow electricity to be traded both physically and financially. Next some of the challenges that this market faced before Enron s failure are explored including the credit crisis of 1998 and the California energy crisis of 2000. .