Midwestern Gas Transmission Company v. Federal Energy Regulatory Commission, Northern Indiana Public Service Company, Intervenor

BORK, Circuit Judge:

Midwestern Gas Transmission Company petitions for review of orders issued by the Federal Energy Regulatory Commission. The Commission required Midwestern to credit revenues earned from performing short-term transportation services to its unrecovered purchased gas cost account. The effect of that crediting is to reduce Midwestern’s rates.

The dispute turns upon the interpretation and legality of a Commission regulation. Only two of Midwestern’s arguments need be addressed. The first is that the Commission has misread the crucial exception to its crediting regulation and has…