Democratic News

Nov 29 2001

Enron Collapse

Statement by Jeff Bingaman, Chairman Senate Committee on Energy and Natural Resources

“The consequences for energy markets of Enron’s collapse are unclear, but highlight the importance of issues such as data transparency and competition in the natural gas and electricity markets. The Energy Committee will help Congress explore those matters. Today I directed my staff to begin preparing for another hearing on these questions. Having held at least four hearings this year (1/31, 3/21, 6/19 and 7/26) on these issues, I believe that our committee is keenly aware of the need for enhanced oversight and market monitoring. “While the impact on consumers is still unclear, our Committee will continue to monitor the situation closely. It is important to note that there are a number of well capitalized energy firms which have significant trading operations. Also, with respect to Enron’s pipeline and power generation assets, if the company files for bankruptcy, the courts will ensure that those operations continue to function and serve their respective markets.” # # #