Ratepayer Protection Act

Ratepayer Protection Act - Amends the Public Utility Regulatory Policies Act of 1978 to declare its provisions governing cogeneration and small power production inapplicable to any facility placed in service after enactment of this Act, except with respect to power purchase contracts entered into pursuant to such provisions which were in effect on the repeal date.

Declares that after January 7, 1997, no electric utility shall be required to enter into a new contract or obligation to purchase or sell electric energy or capacity pursuant to the provisions of the Public Utility Regulatory Policies Act of 1978 governing cogeneration and small power production.

Directs the Federal Energy Regulatory Commission to promulgate and enforce regulations to assure that no utility shall be required to absorb the costs associated with electric energy or capacity purchases from a qualifying facility executed prior to January 7, 1997, and governed by such provisions (thus assuring such utilities recovery of all costs associated with such purchases). Provides that such regulations shall be treated as a rule enforceable under the Federal Power Act.