Here's how FERC's new price-cap regulations could hit the industry:
Independent power generators such as Calpine (CPN), Dynegy (DYN), and AES (AES) now have most of their capacity locked up in long-term contracts, so the new regs won't do them any damage.
Other producers such as Reliant haven't nailed down as many long-term deals. They trade most of their capacity on the price-capped spot market, so earnings could be hit.
With trading likely to slow sharply in the Western market, power marketers and traders such as Enron (ENE) and Aquila could see trading volumes and profits decline in the region.