A HURRICANE in the Gulf of Mexico would have been more disruptive than the fall of Enron so goes a saying doing the rounds in the energy business. Although it overstates the point, this statement contains more than a grain of truth. who could have imagined that the world's leading energy-trading company a colossus that boasted a 25% market share in gas and power trading on both sides of the Atlantic-could go bust without causing widespread havoc? Despite Enron's demise the lights have stayed on everywhere and the gas has flowed smoothly. What is more, no other firm has gone under as a direct result of its collapse.