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The U.S. won't be participating in any sort of meaningful way IMHO until China, Russia, and India have to make a comparable effort. Western Europe is leading the way on this, and I am sure that the U.S. will continue to pay all sorts of homage and lip service to the carbon reduction goals - but...

Amen brother. Power can be the other crotch-rocket. In August 2007, I saw the inc/dec market in PJM-West go from $55 to $1,225 per MW-hr. over the span of about three hours. In July of 2008 my broker told me of a famous German Bank losing $15M in one day playing the ERCOT hourly market...

http://www.ferc.gov/market-oversight/mkt-gas/trading/ngas-tr-phy-bs-map.pdf This link provides the more obvious basis play opportunities for those who can schedule physical gas. Certain winter "pinch points" can rock your world: Transco Z6 NY versus TETCO M3 is a real 'widow-maker'...