16 U.S.C. § 815 : US Code - Section 815: Contract to furnish power extending beyond period of license; obligations of new licensee

Search 16 U.S.C. § 815 : US Code - Section 815: Contract to furnish power extending beyond period of license; obligations of new licensee

Whenever the public interest requires or justifies the execution
by the licensee of contracts for the sale and delivery of power for
periods extending beyond the date of termination of the license,
such contracts may be entered into upon the joint approval of the
commission and of the public-service commission or other similar
authority in the State in which the sale or delivery of power is
made, or if sold or delivered in a State which has no such public-
service commission, then upon the approval of the commission, and
thereafter, in the event of failure to issue a new license to the
original licensee at the termination of the license, the United
States or the new licensee, as the case may be, shall assume and
fulfill all such contracts.