Court of Appeals for the D.C. Circuit June 2, 1981, Nos. 80-1200, 80-1424 (Public Service Co. v. Federal Energy Regulatory Commission)

HARRY T. EDWARDS, Circuit Judge:

This appeal is brought by the Public Service Company of New Mexico (PNM) from orders issued by the Federal Energy Regulatory Commission (FERC). PNM challenges the manner in which FERC treated, for ratemaking purposes, Accumulated Deferred Investment Tax Credits (ADITC).

As a result of the investment tax credit of the Internal Revenue Code (I.R.C.