The administration also selected two candidates backed by Mr. Lay to serve on the Federal Energy Regulatory Commission, which oversees electricity trading.

Companies that don't necessarily require a full membership can nevertheless participate in electricity trading via a broker.

Energy Trader Receives Subpoenas Reliant Resources says it has received two subpoenas related to electricity trading.

After dominating the market for natural gas and electricity trading, Enron tried to do the same with the market for trading Internet bandwidth.

But the company believes that Dynegy's businesses, from its collection, transportation and marketing of natural gas to electricity trading, are valuable.

Many electric companies have expanded into riskier businesses, like electricity trading, and loaded up on debt and cut dividends.

Enron dominates natural gas and electricity trading in the United States.

Within the Verbund Group, electricity trading constitutes the interface between generation, sales and wholesale market.

The latest wave of investor concern and regulatory scrutiny roiling the power industry arises from questions about the ethics and profitability of electricity trading.

Moody's said last week that electricity trading might not be an investment-grade business.