Pacificorp's earnings have slid in recent years, partly because of the costs of its failed takeover efforts and volatile power prices, which hurt results in its energy-trading business.

To others in the industry, the opaqueness of the company's financial statements parallels Enron's efforts to keep its energy-trading business lightly regulated and free of disclosure requirements.

In an interview, Mr. Watson said Enron's energy-trading business had deteriorated.

He had been struggling to restore investor confidence in El Paso after its energy-trading business fell apart last year and investors began questioning the company's accounting practices.

These changes prompted old-line pipeline companies and electric utilities to get into the highflying energy-trading business, and led to the creation of new companies that built power plants, financed by billions from investors.

Warburg acquired Enron's energy-trading business after the company filed for bankruptcy protection.

One lawyer who has worked with the company in the past estimates that it would need a $1 billion credit line to continue to operate its energy-trading business.

In recent weeks, investors have grown wary of prospects for companies in the energy and energy-trading businesses.

The collapse of Enron soured its energy-trading business, and the dot-com implosion hit its communications sideline hard.

That was the idea behind Enron's energy-trading business, which Jeffrey K. Skilling, once a McKinsey partner, helped to set up.