"Metals was the initial idea for night trading," she said, "but we could trade the energy contracts as well."

Gold and copper futures prices rose and energy contracts fell.

Using this method allowed Enron to count projected earnings from long-term energy contracts as current income.

They centre on allegations that the Italian leader has been promised a cut of huge energy contracts.

The state entered into long-term energy contracts at the inflated prices of 2000-2001, one factor that has led to the state's $24 billion budget deficit.

One way to make up for that would be by selling for cash the value embedded in its long-term energy contracts.

The company said it was seeking proposals from suppliers to cut the costs of energy contracts.

On other markets, copper futures advanced and energy contracts fell.

Through the week ended May 10, the average daily volume of energy contracts was up 40 percent from a year ago.

Because Williams's energy contracts extend far into the future, the markets for them are illiquid and opaque.