296
Opinion of the Court
requirements: they had to submit annual forecasts of future supply and demand for gas, Ohio Rev. Code Ann. § 4905.14 (Supp. 1990), comply with a range of accounting, reporting, and disclosure rules, §§ 4905.14, 4905.15 (1977 and Supp. 1990), and get permission from the state Public Utilities Commission to issue securities and even to enter certain contracts, §§ 4905.40, 4905.41, 4905.48. The "just and reasonable" rates to which they were restricted, see §§ 4905.22, 4905.32, 4909.15, 4909.17, included a single average cost of gas, see Ohio Admin. Code 4901:1-14, Ohio Monthly Record (Nov. 1991), together with a limited return on investment.11
Supp. 1995); see generally §§ 58-5-10 through 58-5-1070; South Dakota: S. D. Codified Laws §§ 49-34A-1, 49-34A-4, 49-34A-6 (1993 and Supp. 1996); see generally §§ 49-34A-1 through 49-34A-78; Tennessee: Tenn. Code Ann. §§ 65-4-101, 65-5-201 (Supp. 1996); see generally §§ 65-4-101 through 65-5-205 (1993 and Supp. 1996); Texas: Tex. Rev. Civ. Stat. Ann., Art. 6050, § 1(a)(4), Art. 6053 (Vernon Supp. 1996-1997); see generally Arts. 6050 through 6066g (Vernon 1962 and Supp. 1996-1997); Utah: Utah Code Ann. §§ 54-2-1(8), 54-3-1, 54-4-1 (1994 and Supp. 1996); see generally §§ 54-2-1 through 54-4-30; Vermont: Vt. Stat. Ann., Tit. 30, § 215 (1986); Virginia: Va. Code Ann. §§ 56-232, 56-234 (1995); see generally §§ 56-232 through 56-260.1 (1995 and Supp. 1996); Washington: Wash. Rev. Code §§ 80.04.010, 80.28.020 (West 1991 and Supp. 1996-1997); see generally §§ 80.04.010 through 80.04.520, 80.28.010 through 80.28.260; West Virginia: W. Va. Code § 24-2-1 (1992); see generally §§ 24-1-1 through 24-5-1 (1992 and Supp. 1996); Wisconsin: Wis. Stat. Ann. §§ 196.01(5), 196.02, 196.03 (West 1992 and Supp. 1996-1997); see generally §§ 196.01 through 196.98; Wyoming: Wyo. Stat. §§ 37-1-101(a)(vi)(D), 37-2-112 (1996); see generally §§ 37-1-101 through 37-6-107.
11 Ohio's Amended Substitute House Bill 476, signed into law in 1996, requires the state Public Utilities Commission to exempt certain sales of natural gas and/or related services by an LDC from this rate regulation if the commission finds that the LDC is subject to effective competition with respect to such service and that the customers for such service have reasonably available alternatives, Ohio Rev. Code Ann. § 4929.04, as amended by H. R. 476, § 1, effective Sept. 17, 1996. Although this law had not been enacted at the time of the purchases involved in this case, petitioner contended at oral argument that during the tax period in question here, Ohio permitted some natural gas sales by public utilities at unregulated, negotiated rates, and that those sales were not subject to
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