OPINION
KLEINFELD, Circuit Judge:
The issue in this case is whether a federal condemnation award has to include the value of an expectation of renewal of a federal license.
I
FACTS
The Federal Power Commission issued a license pursuant to the Federal Power Act, 16 U.S.C. §§ 791a, 797(e), et seq., to Pacific Gas & Electric Company (PG & E) in 1929, to use federal land on the Stanislaus River for a dam,...
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