Uncertain future looms for North America's intertwined natural gas and power markets

The implosion of Houston-based Enron Corp. in the autumn of 2001 can in some ways be compared with the horrific events of Sept. 11, 2001: Both caused pervasive and irreparable damage—the latter to America's sense of security and the former to the momentum of a once-thriving energy industry.While industry players were shaking their heads in disbelief at Enron's demise in early November 2001, the natural gas market was suffering from the first repercussions. In early November, as Enron closed its Henry Hub positions on the New York Mercantile Exchange (NYMEX), open interest levels dropped dramatically, and volatility increased, with Henry Hub futures experiencing a 33¢/MM...

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