Reasonable Rates of Return Benefits Pipelines and Shippers Alike

October 2016, Vol. 243, No. 10

By Mark Lewis and Kirk Morgan, Partners, Bracewell LLP, Washington, D.C.

On July 1, 2016, the U.S. Court of Appeals for the District of Columbia Circuit issued United Airlines, et al. v. FERC, et al., a decision with major rate implications for oil and gas pipelines subject to the jurisdiction of the Federal Energy Regulatory Commission (FERC). The Court’s decision calls into question the ability of MLPs, FERC-regulated pipelines – whether oil or gas – to include an income tax allowance in their cost-based rates. The dust surrounding the decision has yet to settle and is unlikely to do so for months, if not years. Given…

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