Here's how FERC's new price-cap regulations could hit the industry:

LONG-TERM PLAYERS

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.

SHORT-TERM PLAYERS

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.

TRADERS

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.

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