Property in FERC-Jurisdictional Rate Base
PG&E argues that the property is not within PG&E's rate base for any ratemaking purpose over which we have jurisdiction. As the parties have stipulated, the property has been classified as a transmission asset and included in PG&E's transmission rate base since the land was acquired in 1921. The property's maintenance and operating costs have been recovered through FERC's ratemaking proceedings (tariff filings and rate cases) involving PG&E's transmission services. PG&E argues that, under the Federal Power Act, FERC has plenary authority, including ratemaking authority, over the transmission of electric energy in interstate commerce.15
15 16 U.S.C. § 824 (LEXIS through May 29, 2003); see also Federal Power Comm'n v. Florida Power & Light Co., 404 U.S. 453 (1972) (utility engaged in interstate commerce when its local transmission lines connected with other lines distributing electricity out-of-state).
