Down goes Kinder Morgan $KMI stock. But read the FERC announcement closely. Pipeline companies may justify current rates:The proposal requires interstate pipelines to file a one-time report, called FERC Form No. 501-G, on the rate effect of the new tax law and changes to the Commission’s income tax allowance policies. In addition to filing the one-time report, each pipeline would have four options: Each pipeline could make a limited section 4 filing to reduce its rates by the percentage reduction in its cost of service shown in its FERC Form No. 501-G. Each pipeline may commit to file either a prepackaged uncontested rate settlement or a general NGA section 4 rate case if it believes that using the limited section 4 option will not result in a just and reasonable rate. If the pipeline commits to do this by December 31, 2018, FERC will not initiate a section 5 investigation of its rates prior to that date. Alternatively, each pipeline that does not believe it has to change its rates may choose to file a statement explaining why. Finally, a pipeline may file the new FERC form without taking any other action. At that point, FERC would consider whether to initiate a section 5 investigation of any pipeline that has not submitted a limited section 4 rate reduction filing or committed to file a general section 4 rate case.KMI rebounded intra-day on Mar 15: $KMI, Kinder Morgan, Inc. / H1 WPZ: $WPZ, Williams Partners, L.P. Common Units Representing Limited Partner Interests / H1 ETE: $ET, Energy Transfer LP / H1 Though MLPs as income investments are unattractive at this time, watch this space as the stock prices stabilize.