Missouri Public Service Commission v. Federal Energy Regulatory Commission

Opinion for the Court filed by Circuit Judge ROGERS.

Concurring opinion by Circuit Judge MILLETT.

ROGERS, Circuit Judge:

This petition follows our remand for application of the “benefits exception” to the general policy of the Federal Energy Regulatory Commission against includ ing an acquisition premium in a pipeline’s rate base. Missouri Pub. Serv. Comm’n v. FERC (“Missouri P), 601 F.3d 581, 588 (D.C.Cir.2010). The Commission describes its benefits exception as allowing an acquisition premium to be included in a pipeline’s rate base when the purchase price is less than the cost of constructing…