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On February 19, 2008 the Supreme Court heard oral argument in Morgan Stanley Capital v. Public Utility District. The case poses the following questions: 1) Under what conditions, if any, should the Federal Energy Regulatory Commission have the power to invalidate facially valid wholesale energy contracts? 2) Did the unusual conditions of the energy market during the California energy crisis justify an exception to the FERC's general policy of respecting contracts set to the market rate? Kamlet Shepherd's Ray Gifford discusses the case.
Oral Argument - February 19, 2008: