OPINION
BOOCHEVER, Chief Justice.
This appeal concerns the extent of the authority of the Alaska Public Utility Commission ("Commission") to regulate and set rates of a municipally owned public utility. It arises out of the Commission's denial of a rate increase requested by the Municipal Light & Power Department of Anchorage ("M.L. & P.") for the purpose of generating adequate revenues to assure payment of amounts to become due under a proposed...
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