The electricity game is not noted for its excitement. Yet a dawn raid last month by power regulator Tom Reeves on the ESB's Independent Energy division certainly stirred the partly deregulated business.

Mr Reeves failed to uncover evidence of below-cost selling, The Margin hears. But his investigation did find Independent Energy was insufficiently ringfenced from its parent. The ESB, however, has challenged the regulator in the High Court.

Such showdowns are not surprising as markets open. In addition, we hear certain figures at the State company were surprised indeed to see the raid led by a former ESB staff member, acting as authorised officer for Mr Reeves.