The free bar opens at 4pm and £10,000 worth of booze has been ordered for artists and guests - it must be the NME Awards, indie-rock's annual celebration of debauchery and excess.

Kaiser Chiefs, Kasabian and the Killers will all perform at the this evening's show, at the Hammersmith Palais in London, which will decide whether acerbic British rock has won the battle over the new wave of angst-ridden American "emo" rock.

My Chemical Romance, black-clad kings of the "emo" scene, who crossed over to top the pop charts, are tipped to triumph tonight with four nominations in the awards.

Arctic Monkeys also have four nods and the votes by magazine readers and music television viewers will test whether the Sheffield group, who broke sales records for their debut album a year ago, have retained the backing of the fickle indie rock community.

The Best British Band prize will be keenly contested with the grandfathers of the scene, Oasis, duking it out against the Monkeys, Kasabian and Muse, the Devon trio whose symphonic pomp rock has sold out two nights at Wembley Stadium.

This year the NME has been an enthusiastic backer of the "new rave" scene, a return to the early 1990s days of glow-stick waving fans but with rock bands supplying the beats. Klaxons, leaders of the scene, whose debut album reached number 2 in the charts, compete for best new band against the Kooks and Brit winners the Fratellis.

As usual, female performers get short shrift among the NME Awards nominees but most excitement at the event will be generated by the presence of Beth Ditto. The singer with the American group the Gossip is a self-proclaimed "fat, queer feminist" and was named the NME Cool Icon of the Year. Her single Standing In The Way of Control has become a mainstream hit and her acerbic comments on Kate Moss and the model industry have been lapped up by the tabloid newspapers. Ditto is said to be preparing a surprise duet with Jarvis Cocker at the awards, a cover of Heaven 17's Temptation, which should be a highlight of the event.

Much attention will focus on the Pete Doherty and Kate Moss show - both are expected to attend with Moss asked to present Primal Scream with their Godlike Genius Award. Doherty's former Libertines partner Carl Barat is tipped to attend as are Noel Gallagher and Damon Albarn. As the booze flows, the awards could be the unlikely setting for some long-standing rock grudges finally to be set aside.

The NME Awards will be broadcast on E4 at 11pm tonight.

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