Wasson, for his part, questioned the basic applicability of the proposed regulations to the National Rural Electric Cooperative Association. "The majority of our transactions are with other end users," he explained. "We don't really have counterparties. Our commercial hedging needs are very concentrated from a geographical point of view. Our optionality is the need for electricity, which constantly changes, just like it will when this meeting is over and we all leave and turn off the lights."

He added, "Our customers are our owners and the costs are going to flow through to our end users."

Another sticking point for many hedgers is the expected regulatory requirement that hedging be approved at the corporate board level.

"For every hedging program we actually have a white paper which we submit to management," said Boeing's Mims. "I would think one-time corporate board approval would do the trick."