McKAY, Circuit Judge.
Public Service Company of New Mexico (PNM) is an electric utility selling electricity both at retail and at wholesale. PNM's wholesale sales of electric power in interstate commerce subject it to the jurisdiction of the Federal Energy Regulatory Commission (FERC or Commission) pursuant to the Federal Power Act, 16 U.S.C. §§ 824-828c (1982). The city of Gallup, New Mexico, is a full-requirements wholesale customer of PNM. The present...
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