High-Wire Dreamin’ :Enron's role in California's energy crisis of 2001

ENRON CEO JEFF SKILLING TOOK IT from all directions when he traveled to San Francisco last June to address the white-glove crowd at the Commonwealth Club.

First the announcement came early that week that the Federal Energy Regulatory Commission would extend price caps to any companies selling energy on California's wholesale market. Then the stock market reacted, with Enron shares slipping to a 52-week low of $43.07. The low price was devastating for Enron; the company now would have to devote additional shares to keeping its off-the-books partnerships afloat.

Outside the Commonwealth Club, protesters gathered, outraged by the continuing sky-high prices Californians were paying for energy. One tossed a berry-cream pie, striking Skilling in the side of his head.