Natural Gas Deregulation Act

Natural Gas Deregulation Act - Limits the application of provisions of the Natural Gas Act, with specified exceptions.

Provides that the Federal Power Commission shall have no power to disallow the rates and charges made by natural gas companies for new natural gas, except to the extent that such rates and charges exceed the amount paid by such companies to non affiliated companies.

Defines new natural gas to mean natural gas sold or delivered by a producer in interstate commerce: (1) which is dedicated to interstate commerce for the first time on or after January 1, 1975; (2) which is continued in interstate commerce after the expiration of a contract by its own terms for the sale or delivery of such natural gas existing as of such date; or (3) which is produced from wells commenced after such date.