Deregulation is rapidly reshaping the global energy industry, and Enron Corp. is one of the companies guiding its future. Amid the confusion, one thing is certain: Success will require deep pockets.

A former senior director at Continental Bank, Andrew S. Fastow, Enron's senior vice president for finance, has kept the capital markets busy, raising more than $5 billion for Enron in dozens of financings last year.

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