In December 2000, a bill that deregulated energy commodity trading in California was passed, allowing Enron to operate an unregulated power auction called EnronOnline that rapidly gained control over a large share of the state’s electricity and natural gas market. After the bill was passed, California endured an acute electricity shortage that caused as many as 38 rolling blackouts by June 2001, compared with only one in the six-month period preceding the bill. Subsequent investigations by state and federal officials concluded that power generators and power marketers intentionally withheld electricity to create artificial shortages and increase the cost of power. As Enron was one of the main players in such market manipulation, its energy traders were able to sell power at multiples of normal peak power prices. Enron’s new, unregulated power auction led to revenues at its Wholesale Services business quadrupling to $48.4 billion in the first quarter (Q1) of 2001 compared with the year-ago period.