Enron, the Texan company, attained the position of America's seventh largest company in just 15 years with employee strength of 21,000 staff in more than 40 countries. Enron was once one of the world’s biggest energy firms and turned into itself from a regulated natural gas company into one of the world's largest energy traders. The company came to being as the result of a merger between Houston Natural Gas and InterNorth in 1985. They are known for creating market trading in energy and allowing energy to be traded in the same way as other commodities such as oil with its revenues over $100bn in 2000.
Enron grew rapidly basically in three businesses: - energy, wholesale and global services. Enron established itself in the United Kingdom at the first signs of energy liberalization by becoming the first company to begin construction of a power plant after the electric industry was privatized.
Enron was a high-flying energy company that sought to transform itself into the world’s biggest energy trader. A magazine, Fortune magazine, tipped the firm as one of the 10 growth stocks to last the decade in 14 August 2001. Between 1996 and 2001, the company won several awards including the Financial Times's "energy company of the year", “boldest successful investment decision" and "Fortune's "America's most innovative company" award for an unprecedented six years. Among its innovations, the company prized opens the German power and gas markets, created a virtual gas storage facility in the United Kingdom and pioneered the world's largest online commodity trading site.
Enron's prominence came not only from the key role it played in world energy markets but also because under the last United States administration headed by President Bush, they looked to its chairman, Kenneth Lay, for advice on energy. By some estimates, it had many millions of investors through the holdings of pension funds across the United State. Enron's stock price hit its highest value of $90...