MIKVA, Circuit Judge:
A builder seeking to construct, operate, or maintain a hydroelectric generating facility must obtain a license from the Federal Energy Regulatory Commission ("the Commission"). Federal Power Act, 16 U.S.C. § 791a et seq. (1982). Congress allows an exemption from this licensing requirement for some small power projects to be built at the site of an existing dam. Phoenix Hydro Corporation ("Phoenix"), which proposed to build a small...
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