Electric Utility Regulatory Reform Act

Electric Utility Regulatory Reform Act - Title I: General Provisions - States that the purpose of this Act is to reform specified aspects of electric utility regulation. Defines terms as used in this Act.

Title II: Utility Rate Reform - Requires all electric utilities to implement peak-load pricing. Prohibits unjustified differences in rates to different classes of consumers. Specifies that costs such as advertising and fines shall not be treated as operating costs by the utilities.

Title III: Utility Planning and Siting Reform - Requires electric utilities to prepare long-range plans for power supply facilities which include site selection. Provides that the plan shall be submitted to the appropriate regulatory authorities and shall be made available to the public. Directs the Federal Energy Commission to establish annual target rates for electric energy growth. Calls for sharing of facilities by utilities.

Titles IV: Reliability and Financial Aid to Utilities - Requires the Commission to establish reliability standards for the utilities. Provides for loan guarantees to utilities of no more than $200,000,000 with an overall limit of $2,000,000,000 in outstanding guarantees.

Title V: Financial Assistance to State Regulatory Authorities - Authorizes the appropriation of $48,000,000 a year for grants to State regulatory authorities for specified purposes.

Title VI: Federal Energy Commission - Establishes the Federal Electric Power Regulatory Commission to carry out the Federal functions under this Act and all functions of the Federal Power Commission. Terminates the Federal Power Commission.