"Ifyoudefinerisk as volatility," whichiswhatmostanalystsdo, Mr.Glassmansays, "historyhasshown thatstocksare nomorevolatilethanbonds" over the long term.
Utilities will become more dependent on natural gas, a fuel with a history of price volatility and a future clouded by environmentalist opposition to hydraulic fracturing.
Xcel Energy is one company that opposes a national "cap-and-trade" mechanism on carbon dioxide emissions, partly out of concern that it will promote dependence on natural gas, which has history of price volatility.