Both allegations are based on email exchanges, which many observers say are dubious evidence that won’t hold up in court. Both BP and Barclays say that they will fight the accusations. Regardless of the outcome, regulators have become aggressive market monitors.

That atmosphere is one reason why traditional regulated utilities got out of the “trading” game. To be clear, those power companies have always “marketed” their physical assets. That is, if they own electric generation and they have fulfilled the needs of their local populations, then they try to sell their excess electrons where they can fetch the most money. Or, conversely, companies in the market to buy electricity, can shop for generators to supply their needs for the least money.

Speculative trading, however, is a different matter. That is, those local utility companies have opted to stop making financial bets, or trying to hugely profit from price volatility.

The ones on the trading field now, says Reames, are the large European utilities that are making investments in the North American market: E.ON and Electricite de France, as well as some of the major oil producers and the mega-banks. E.ON, for example, will get going by year-end on the power side and in early 2014 on the gas side, from Chicago.

“Nearly all U.S. utilities have decided to get out of that arena,” adds Bob Bellemare, chief operating officer of the Mykrobel, a consulting firm. “They are sticking to their knitting and managing physical positions.” They don’t want any regulatory problems with their state utility commissions and they don’t want to upset their investors, who depend on steady dividend payments resulting from predictable cash flows.

Today’s power and gas markets are notably different from when Enron was trying to make its mark. At that time, deregulation was the buzzword — the ability to combine knowledge and technology to create market efficiencies and to provide new services. While Enron’s modus operandi has been discredited, improved operational methods and customer experiences remain paramount.

Enron, though, is a sign of what can go wrong if hungry corporate executives with weak ethical standards are allowed to run amok. There, the chairman held the keys while the executive committee came next. Then the managing directors and vice presidents followed. Pay scales were commensurate with the job level. Managing directors, for example, earned three times that of vice presidents. It’s a structure that insiders say had been rife with conflicts, noting that any natural curiosity was stymied by the desire to pocket millions in bonuses.

Many questioned privately, for example, Enron’s method of booking transactions from commodity trades as revenue even though the money may not have been collected for years. Likewise, some were skeptical that the trading business accounted for 90 percent of company earnings despite the fact that the segment generated little cash flow. Consumers may recall their traders who were caught on tape mocking “Grandma Millie” and how she would get dunned after the employees had cut electricity supplies.

Enron scripted a code of conduct. But it was ignored generally because the company pushed profit at all cost. If any worker wanted to challenge Enron’s way of doing business, they would be quickly rebuked, says John Ballentine, a former Enron vice president, who spoke previously with this writer. The “fear of retribution” was real and deterred others from coming forward, he says.

Like other public companies, Enron was under pressure to maintain its investment grade credit ratings and to keep its share prices high. But unlike many other corporations, Enron managed its earnings to appease analysts and shareholders.

Power marketing and trading will always exist — the ability to match buyers and sellers with products. Undoubtedly, some will stray. But today, the regulatory presence is so prominent that some are arguing for a little relief. The objective, though, is to prevent a repeat of yesteryear and to maintain confidence in a constantly shifting energy market.