KANSAS CITY, Kansas -- U.S. utilities are paying close attention to Japan's $150 billion electricity market, where rates are high, monolithic utilities unready for competition and rival competitors virtually nonexistent.

Consider giant Enron Corp., one of the most opportunistic utilities in the U.S., which is looking to trade energy in Japan. It is asking Japanese companies to consider using Enron's Internet trading site, EnronOnline, for electricity and a whole lot more.

Japan is taking on all comers. Just this spring, the country took its first steps toward opening its energy markets.