regulation cautious group much risk already st ocks regulation cautious group much risk already stocks anticipated ferc enacted electricity price controls yesterday across united states west rockies controls affect spot market approx 20 total market set expire september 30 2002 details controls suggest effect earnings may limited think skids greased controls road government regulators seek regulatory solutions future market imbalances becoming cautious group maintain positive ratings time given extent recent pull back likely strong 2 q 01 earnings outlook refer earlier note entitled political risk worsens expect ferc decision today previewed ferc decision provide details analysis raymond c niles power natural gas research salomon smith barney 212 816 2807 ray niles ssmb com regulation 6 18 01 pdf pdf regulation 6 18 01 doc