Whether capacity market offers—and, by extension, any offer by a public utility into one of the many auction-based markets overseen by FERC—are "rates" for purposes of utilities' "right to set their rates in the first instance" under Section 205 of the Federal Power Act.

Whether capacity market offers constitute 'rates' under Section 205 of the Federal Power Act, such that public utilities retain the primary right to set their own rates subject only to FERC's just-and-reasonable review