On January 17, 2001, Davis declared a state of emergency in response to the electricity crisis. Speculators, led by Enron Corporation, were collectively making large profits while the state teetered on the edge for weeks and finally suffered rolling blackouts on January 17 and 18. Davis stepped in to buy power at highly unfavorable terms on the open market, since the California power companies were technically bankrupt and had no buying power. California agreed to pay $43 billion for power over the next 20 years. Newspaper publishers sued Davis to force him to make public the details of the energy deal.