VAN GRAAFEILAND, Circuit Judge:
Enactment of the Federal Power Act in 1920 was the end result of a bitter fight in Congress between private power interests and public conservationists. See Gifford Pinchot, The Long Struggle For Effective Federal Water Power Legislation, 14 Geo. Wash.L.Rev. 9 (1945); see also First Iowa Hydro-Electric Coop. v. FPC,
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