Natural Gas and Enron
Before filing for bankruptcy in 2001, Enron Corporation was one of the largest integrated natural gas and electricity companies in the world. It marketed natural gas liquids worldwide and operated one of the largest natural gas transmission systems in the world, totaling more than 36,000 miles. It was also one of the largest independent developers and producers of electricity in the world, serving both industrial and emerging markets.
Timeline
Enron began as Northern Natural Gas Company, organized in Omaha, Nebraska, in 1930. The company's founding came just a few months after the stock market crash of 1929, an unusual time to launch a new venture. Several aspects of the Great Depression actually worked in Northern's favor, however. Consumers initially were not enthusiastic about natural gas as a heating fuel, but its low cost led to its acceptance during tough economic times. High unemployment brought the new company a ready supply of cheap labor to build its pipeline system. The 1940s brought changes in Northern's regulation and ownership. The Federal Power Commission, created as a result of the Natural Gas Act of 1938, regulated the natural gas industry's rates and expansion.
1944: Acquires the gas-gathering and transmission lines of Argus Natural Gas Co.
1945: Argus properties are consolidated into a subsidiary called Peoples Natural Gas Co
As time went on Northern kept expanding through acquisitions. First in 1967 it made an acquisition with Protane Corporation, a distributor of propane gas in the eastern US and the Carribbean. In 1976, Northern formed Northern Arctic Gas Company, a partner in the proposed Alaskan arctic gas pipeline, and Northern Liquid Fuels International Ltd., a supply and marketing company.
1980: Northern changes its name to InterNorth, Inc. Its attempted hostile takeover of Crouse-Hinds Co., an electrical products manufacturer, is thwarted by Cooper Industries. Northern Overthrust Pipeline Co. and Northern Trailblazer
Timeline
Enron began as Northern Natural Gas Company, organized in Omaha, Nebraska, in 1930. The company's founding came just a few months after the stock market crash of 1929, an unusual time to launch a new venture. Several aspects of the Great Depression actually worked in Northern's favor, however. Consumers initially were not enthusiastic about natural gas as a heating fuel, but its low cost led to its acceptance during tough economic times. High unemployment brought the new company a ready supply of cheap labor to build its pipeline system. The 1940s brought changes in Northern's regulation and ownership. The Federal Power Commission, created as a result of the Natural Gas Act of 1938, regulated the natural gas industry's rates and expansion.
1944: Acquires the gas-gathering and transmission lines of Argus Natural Gas Co.
1945: Argus properties are consolidated into a subsidiary called Peoples Natural Gas Co
As time went on Northern kept expanding through acquisitions. First in 1967 it made an acquisition with Protane Corporation, a distributor of propane gas in the eastern US and the Carribbean. In 1976, Northern formed Northern Arctic Gas Company, a partner in the proposed Alaskan arctic gas pipeline, and Northern Liquid Fuels International Ltd., a supply and marketing company.
1980: Northern changes its name to InterNorth, Inc. Its attempted hostile takeover of Crouse-Hinds Co., an electrical products manufacturer, is thwarted by Cooper Industries. Northern Overthrust Pipeline Co. and Northern Trailblazer