John Paul Stevens

“ As the Court of Appeals decision would apply in this case, Ohio Power would be allowed to buy coal at prices that would be higher than those paid by any utility not owned by a holding company, and then pass those higher costs along to its customers. ”

“ The two agencies' requirements limit Ohio Power's financial relationships with different parties-its supplier and its customers. The two requirements also concern different aspects of fuel costs-the amount Ohio Power must pay for its fuel and how much of those fuel costs it can recover directly from its customers.
Finally, it is significant that the Court of Appeals' reading of § 318 would create a gap in the regulatory scheme that Congress could not have intended. Congress enacted PUHCA to prevent financial abuses among public utility holding companies and their affiliates. ”

“ It entrusted the administration of the FPA to the FPC and later FERC as the agency with the proper technical expertise required to regulate energy transmission. One of the FPA's principal goals is to ensure that the rates customers pay for their electricity are "just and reasonable." ”