Opinion for the Court filed by Circuit Judge WALD.
WALD, Circuit Judge:
The Federal Power Act regulates "the sale of electric energy at wholesale in interstate commerce," 16 U.S.C. § 824, and requires rates to be "just and reasonable," 16 U.S.C. § 824d, i.e., ample to allow recovery of a utility's operating costs and a fair rate of return on capital investment. See, e.g., Public Systems v. FERC,
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