Electric Utilities Rate Reform Act

Electric Utilities Rate Reform Act - Directs State and local electric utility regulatory authorities to implement and maintain rate schedules which distribute costs to consumer classes in accordance with consumption patterns. Requires that rate schedules accurately reflect long-run incremental costs of service and that price differentials between consumer classes reflect actual document differentials in cost of service.

Prohibits regulatory authorities from allowing recoupment of promotional and advertising expenses, unless such expenses finance efforts encouraging the consumption of electricity or the shifting of electricity consumption from peak load period to off-peak load periods.

Establishes standards to regulate monthly changes in rates by the use of fuel adjustment clauses. Establishes standards for determining the effective date of proposed changes in rates and schedules.

Authorizes the Federal Power Commission to provide financial assistance to non-Federal regulatory authorities as necessary to meet additional costs incurred as a result of complying with provisions this Act.