The legislature of the state of Gray recently enacted a statute forbidding public utilities regulated by the Gray Public Service Commission to increase their rates more than once every two years. Economy Electric Power Company, a public utility regulated by that commission, has just obtained approval of the commission for a general rate increase. Economy Electric has routinely filed for a rate increase every ten to 14 months during the last 20 years. Because of uncertainties about future fuel prices, the power company cannot ascertain with any certainty the date when it will need a further rate increase; but it thinks it may need such an increase sometime within the next 18 months. Economy Electric files an action in the federal district court in Gray requesting a declaratory judgment that this new statute of Gray forbidding public utility rate increases more often than once every two years is unconstitutional. Assume no federal statute is relevant. In this case, the court should 
hold the statute unconstitutional, because such a moratorium on rate increases deprives utilities of their property without due process of law.  hold the statute constitutional, because the judgment of a legislature on a matter involving economic regulation is entitled to great deference.  dismiss the complaint, because this action is not ripe for decision.  dismiss the complaint, because controversies over state-regulated utility rates are outside of the jurisdiction conferred on federal courts by Article III of the Constitution. 