Morgan Stanley Capital Group Inc. v. Public Utility District No. 1 of Snohomish County — Stevens, J., dissenting

Summary

Justice Stevens dissenting, rejects the majority's adoption of a Mobile-Sierra doctrine that presumes contract rates are just and reasonable unless they seriously harm the public interest. He argues the Federal Power Act provides a single statutory standard for all rates and that prior cases Mobile and Sierra do not create a heightened presumption. He would vacate and remand for FERC to review contract rates under the ordinary just-and-reasonable standard.