E 22 P8 Energy The California Crisis

Special Presentation The California Crisis and the Enron Debacle Will Deregulation Survive ? IEEE Luiz Maurer São Paulo, SP March 22, 2002

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],AGENDA

DEREGULATION OF THE POWER SECTOR IN 2001

DEREGULATION OF THE POWER SECTOR HAD MANY SETBACKS IN 2001 ,[object Object],[object Object],[object Object],[object Object],[object Object]

VERDICT HAS BEEN SIMPLE: BLAME IT ON DEREGULATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

WHICH RAISES SEVERAL GENUINE QUESTIONS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CALIFORNIA AND ENRON IN A SNAPSHOT

CALIFORNIA IN A SNAPSHOT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ENRON IN A SNAPSHOT (I) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ENRON IN A SNAPSHOT (II) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ENRON INVOLVEMENT IN THE CALIFORNIA CRISIS

ENRON IS PERCIEVED AS A SCAPEGOAT IN THE CALIFORNIA CRISIS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ENRON DOES NOT DESERVE THE BLAME ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CAN WE BLAME IT ON DEREGULATION?

CALIFORNIA IS NOT DEREGULATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ONE CAN NOT HONESTLY BLAME ON DEREGULATION FOR ENRON’S DEMISE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

HAVE ENRON AND DEREGULATION CREATED ANY VALUE TO SOCIETY?

“ ENRON WAS MOSTLY RIGHT ABOUT ONE THING: DEREGULATION” ,[object Object],[object Object],[object Object],[object Object],[object Object]

“ TESTAMENT TO THE FLEXIBILITY OF THE U.S. ENERGY MARKET” ,[object Object],[object Object],[object Object],[object Object],[object Object]

DEREGULATION HAS BROUGHT SIGNIFICANT BENEFITS TO US CONSUMERS ,[object Object],[object Object],[object Object],[object Object],[object Object]

AND THERE ARE MANY SUCCESS STORIES OUTSIDE OF CALIFORNIA AND ENRON ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

RELEVANCE OF THIS DISCUSSION TO BRAZIL

ONE WAY OF TELLING THE STORY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THE FLIP SIDE OF THE COIN ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THERE ARE SUCCESS STORIES ON THE USE OF MARKET FORCES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

IT IS NOT FAIR TO BLAME IT ON DEREGULATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

APPENDIX DEREGULATION MODELS IN BRAZIL AND CALIFORNIA

E 22 P8 Energy The California Crisis

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