Opinion for the Court filed by Circuit Judge WALD.
WALD, Circuit Judge:
Natural Gas Pipeline Company of America (Natural) challenges an order of the Federal Energy Regulatory Commission that rejected Natural's efforts to recover from its ratepayers, through its cost of service, about 13 million dollars Natural spent in pursuit of three unsuccessful gas supply projects. See Natural Gas Pipeline Co. of Am., 27 F.E.R.C. ¶ 61,201 (1984). Although Natural...
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