Contra-Capitalism
Primrose Paths, Slippery Slope
Conflicts of Interest
Chairman Lay
Appetite for Risk
      Confidence, Optimism, Hubris
      Getting Governmental
      Lay Unleashed
      Tragedy in the Making
Earnings Issues
Icarus Projects
Postponing Write-Offs
Imprudent Marketing
Subquality Income
Promises versus Premises
Marking to Market
Perceptionism
Corporate Masks
A “Green” Company?
Procompetition
Government Opportunity and Dependence
Political Capitalism
Mixed-Economy Competition
Inherited Intervention Opportunities
PURPA Opportunity
Export Aid
Shaped Intervention
FERC Open Access: Wholesale Gas
Clean Air Emissions Control
Championed Intervention
Desired Intervention
Oil Tariff
CO 2 Limits
MOA: Retail Electricity
Achievements (in Political Space)
Surging ENE
Profitable Core
Competitive Pipelining
Commoditizing Natural Gas
Contra-Capitalist Enron
Bourgeois Vice
Philosophic Fraud
Political Capitalism (Rent-Seeking)
Lessons for History

Part I: From HNG to Enron: 1984–1987

Introduction to Part I

Chapter 1. The New Houston Natural Gas

A New Company
Back to Gas
New Talent
Acquisitions
Transwestern Pipeline Company
Florida Gas Transmission Company
New Management
Divestitures
Momentum—and Debt
Into 1985
A Final Piece?

Chapter 2. HNG/InterNorth

Northern Natural Gas Company
A Marketing Pipeline
Prelude to a Merger
HNG/InterNorth
Buyer’s Remorse
A Postmerger Stumble
Getting Together
Ken Lay Takes Charge
Competitive Pipelining
Positioning for the Future
A New Name

Chapter 3. Foundations

A New Home
The New Team
Enduring 1986
Operating Results
      Innovative Pipelining
      Reorganizing Cogeneration
      Buying Independence
      Public Policy Overtures
Brightening 1987
A Star for Enronn Oil & Gas
      Enron Gas Marketing
Conclusion

Part II: Perils and Progress: 1987–1989

Introduction to Part II

Chapter 4. Crisis at Enron Oil Corporation: 1987

Sirens and Denial (Valhalla 1)
Crisis and Cleanup (Valhalla 2)
Sanitization
Costs and Consequences
Lessons Unlearned

Chapter 5. Recovery: 1988–1989

Managerial Depth and Change
Repositioning EOG
Recommitting to Cogeneration
Pipeline Entrepreneurship
Capturing Gas Marketing
Liquid Fuels: Profitable Incrementalism
Getting Political
Vision Accomplished

Part III: Natural Gas, Natural Politics: 1990–1993

Introduction to Part III

Chapter 6. Natural Gas Majoring

A New Vision
Growing the Interstates
Going Open Access
      Operational Order
      Back to Decentralization
      Transwestern: Expedited Certification
      Besting Oil in Florida
      Full Utilization
Going International
From Teesside to Enron Europe
      Transportadora de Gas del Sur (Argentina)
      Reorganizations, Multiplicity
      Dabhol (India) Project
      Export-Import Financing
      Breakout—and Peril
Enron Power
Enron Oil & Gas Company
Tight-Sands Gas: The Tax-Credit Boom
      Technology “Mini-Renaissance”
      Enron Synergies
      Jawboning and Politics
      Hoglund’s Touch
Liquids
Corporate Culture
Conclusion

Chapter 7. Political Lay

Mr. Natural Gas
Talking Up Prices
Fighting Oil
Warring Against Coal
         Getting to Even
      “The Natural Gas Standard”
      Beyond Even: Global-Warming Activism
Getting Gas to Green
Getting Bush to Rio
From Bush to Clinton-Gore
Environmental Enron
Politicking Elsewhere
PUHCA Reform
      Tax Policy
An Energy Philosopher?

Part IV: Jeff Skilling

Introduction to Part IV

Chapter 8. Gas Marketing: 1990–1991

Regulatory Change, New Markets
Enron Gas Marketing: 1990
Hub Services vs. NYMEX
      Enron Finance Corp.
          Jeff Skilling
          A Running Start
Enron Gas Services Group: 1991
Reserve Acquisition Corp.
      Enron Power Services
      Enron Risk Management Services
      Structured Finance/Derivative Products
      Reported Results
Mark-to-Market Accounting
Conclusion

Chapter 9. Expanding Gas Marketing: 1992–1993

Enron Gas Services: 1992
Enron Power Services (Sithe Contract)
      EnFolio Agreements
      Enron Gas Trading and Transportation
      Risk Management
      Enron Producer Services
      Enron Finance
      EGM—Canada
      Enron Access: Getting to Retail
      Enfuels (Enron Ventures)
      Breakout Year
Enron Gas Services: 1993
AER*X Emissions Trading
      Louisiana Resources Company
      CalPERS and JEDI
      Reorganization—and Promotion
      Gaming Clean Fuels
      Power Marketing
Regulatory Issues
Federal Regulation
      State Regulation
Competition and Pressure

Part V: Expanding Enron: 1994–1996

Introduction to Part V

Chapter 10. The Steady Side

Interstate Pipeline Progress
Cost Reduction: Staying Competitive
      Transwestern Entrepreneurship
      Florida Gas: Forestalling Entry
      Northern Natural: Incremental Growth
      Northern Border: More from Canada
      Enron Transportation & Storage
      Deregulation Not
      Gathering Deregulation
Enron Oil & Gas Company
Low-Price Profitability
      International
      Mark Papa Joins In
Enron Oil Transportation & Trading (EOTT)
Conclusion

Chapter 11. Enron Capital & Trade Resources

New Name, Organizational Change
Wholesale Electricity Marketing
International
ECT—Europe
ECT—Canada
ECT—South America
Risk Management, Corporate Culture
Talent Evaluation and Infusions
Conclusion

Chapter 12. International Ambitions

Early Successes
Developing Problems
Teesside II (J-Block)
Dabhol I, II
San Juan Gas Company
Unfulfilled Aspirations
Enron Global Power & Pipelines
Enron Engineering & Construction
Conclusion

Part VI: Restless Enron: 1994–1996

Introduction to Part VI

Chapter 13. Alternative Energies

Big Thoughts, New Bets
Solar Power
         A Flashy Proposal
      An Unlikely Partner
      Amoco/Enron Solar (Solarex)
      Imaging versus Reality
      The Crete-Greenpeace Proposal
      A Graceful Exit
Wind Power
Wind Energy in History
      Major Issues
      Purchasing Zond Corporation
A Try at Fuel Cells
Enron Environmental Services
President’s Council on Sustainable Development
Conclusion

Chapter 14. Visionary Enron

New Enron Visions
         Natural Gas Major
      “The World’s Leading Energy Company”
      Enron 2000
New-Economy Enron (Gary Hamel)
Great Man, Great Company
Corporate Culture
      Corporate Ethics
      Accolades
      Nepotism
Conclusion

Chapter 15. Energy Retailing

Natural Gas
Electricity
Public Policy Push
      A California Proposal
          Arguing the Case
          Federal Action
          Poolco Threat
      Branding Enron
      The Road to Enron Field
      Acquiring Portland General Electric
Pilot Programs
Peterborough (Electricity)
      Toledo (Natural Gas)
California (Electricity)
      Oregon (PGE and Customer Choice)
      PECO Energy (Electricty)
      Disengagement, Re-engagement
Enron Energy Services
Conclusion

Epilogue: Dangerous Ambitions

Three Eras
Circa 1996
A Changing Company
New Leadership
      Richard Kinder Departs
          Jeff Skilling: President and COO
          Ken Lay: Going Outside
      The New Enron
1996 Annual Report
          Roaring Ahead
          Skilling’s Company
Righting Misinterpretations
Enron as a Process
      The Richard Kinder Question
Contra-Capitalist Enron
Final Thoughts

Kenneth L. Lay: A Chronology
Bibliography
Illustration Credits
Name Index
Business Index
Political Economy Index

Uncategorized

Book 3 Chapter Notes & Bibliography

Acknowledgments