it is possible to fire your electric kiln in reduction...but i personally wouldn't do it...unless i did local reduction on a piece fired in a saggar.
It will definately shorten the life of your elements, unless they are first coated with itc100. (which in-itself is pretty pricey)
it can also create some pretty noxious fumes...
having said this, there are potters who do this. i would reccomend doing a search on potters.org
for more info. Also there was an article on this in PMI some time ago, maybe check out their website.