Southern California Edison Co. v. Federal Energy Regulatory Commission

717 F.3d 177 (2013)

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Southern California Edison Co. v. Federal Energy Regulatory Commission

United States Court of Appeals for the District of Columbia Circuit
717 F.3d 177 (2013)

  • Written by Robert Cane, JD

Facts

The Federal Energy Regulatory Commission (the commission) (defendant) regulated the wholesale electricity market. The commission conducted a paper hearing to calculate the reasonable return on equity (ROE) for Southern California Edison Company (SoCal Edison) (plaintiff). SoCal Edison applied for an ROE of 11.5 percent. The commission set SoCal Edison’s ROE at 10.55 percent. After the close of the hearing, 10-year treasury-bond yields dropped by 1.01 percent. As a result, the commission took official notice of the change in bond yields and adjusted SoCal Edison’s ROE down to 9.54 percent. SoCal Edison wanted to provide expert analysis on why treasury-bond yields were not an appropriate proxy for the private cost of equity given the financial crash of 2008, and it requested a rehearing on the adjustment. The commission denied SoCal Edison’s request for a rehearing. SoCal Edison appealed. The United States Court of Appeals for the District of Columbia Circuit granted certiorari.

Rule of Law

Issue

Holding and Reasoning (Rogers, J.)

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