Enron Knew II: Climate Agenda Threatened Systemic Energy Crises - Climate Litigation Watch

Enron Knew II: Climate Agenda Threatened Systemic Energy Crises

Previously, CLW noted some filings in California Public Records Act litigation in Los Angeles opening the can of worms that is the “Enron Knew” story. It turns out, Granddaddy to the Global Warming industry Enron knew a lot. In another footnote, early in the attached Horner Declaration, you’ll find timely reference to a 1999 email warning of the consequences of seeking to rig the economics of the energy industry in the name of “global warming” (later, climate change). Cue the past few weeks’ headlines from around the world manifesting just those consequences:

Maybe Enron can dodge the macro problem and have our micro benefits, but then again I have to think that a politicized international energy market for any reason will create as much or more downside than upside

April 1, 1999 memo to Ken Lay

It is difficult to escape the conclusion that, as cynical as they were about it, Enron Knew.…a couple very important things*. Despite being the company that had bet the most on greenhouse warming and most wanted the alarmism to take root, Enron also knew the systemic economic risks from pushing the climate agenda. But, in the pursuit to “make [itself] rich,” plowed ahead. Others followed in Enron’s footsteps, with far too much success, and we all are now facing the consequences.

* PS See here for the other key point Enron knew, something that puts the lie to the very foundation underpinning the ongoing climate litigation tsunami — Enron knew and bitterly debated the uncertainties of the theory underpinning the climate agenda. The excerpts from and links to emails and memos debunk the claims that, as one piece put it, “The Utilities Knew, Exxon Knew, Shell Knew, They All Knew” of catastrophic man-made global warming in the 1970s, or 1980s…showing there was instead intense and often bitter internal fighting over the risks of designing business plans around the theory when it was so laden with uncertainty. That was in the late 1990s.