Supreme Court of the United States June 2, 2003, 02-299 (Entergy Louisiana, Inc. v. Louisiana Public Service Commission)

Justice Thomas

delivered the opinion of the Court.

The Federal Energy Regulatory Commission (FERC) regulates the sale of electricity at wholesale in interstate commerce. 16 U. S. C. § 824(b). In this capacity, FERC must ensure that wholesale rates are “just and reasonable,” § 824d(a). In

Nantahala Power & Light Co.

v.

Thornburg,

476 U. S. 953 (1986), and

Mississippi Power & Light Co.

v.