Public Service Co. v. Patch

BOUDIN, Circuit Judge.

This appeal is the latest installment in a series growing out of New Hampshire’s efforts to deregulate the electric utility industry and trim rates for customers. 1 Familiarity with our prior decisions is assumed. We repeat here only those facts pertinent to the present issue.

Connecticut Valley Electric Company (“Connecticut Valley”), a small New Hampshire utility, provides retail electric service to about 10,000 customers in New Hampshire. Connecticut Valley purchases about 76 percent of its power from its parent company, Central Vermont Public Service Corporation…