Supreme Court Provides Power Contract Protection

Law360, New York (July 11, 2008, 12:00 AM EDT) -- On June 26, 2008, in Morgan Stanley Capital Group Inc. v. Public Utility District No. 1 of Snohomish County et al. (“Morgan Stanley v. Snohomish”), the Supreme Court clarified the standard of review that the Federal Energy Regulatory Commission (“FERC” or “Commission”) should apply to bilateral wholesale electricity contracts.

In a 5-2 decision delivered by Justice Scalia, the Court affirmed that under the Mobile-Sierra doctrine, FERC “must presume that the rate set out in a freely negotiated wholesale energy contract meets the ‘just and reasonable’ requirement...
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