Electric Utilities Rates Reform Act

Electric Utilities Rate Reform Act - States that the purposes of this Act are: (1) to establish standards governing electric utility rate making; (2) to encourage the conservation of electricity; (3) to avoid the construction of unnecessary electrical generating facilities; (4) to regulate the use of fuel adjustment clauses; and (5) to require more adequate reporting by electric utilities.

Defines terms used in this Act.

Prohibits any rate schedule which would make the cost for a residential customer higher than for any other electric consumer within the same jurisdiction.

States that no regulatory authority may prohibit an electric utility from selling electric energy pursuant to an otherwise lawful rate schedule during periods of lesser consumptions at prices lower than those for electric energy sold during peak-load periods.

Prohibits inclusion of any expenses for promotional or advertising purposes in any electric utilities' rate base, or expenses associated with construction work in progress.

Requires a full public hearing on the propriety of proposed fuel adjustment increases. Sets forth a formula for determining whether fuel adjustment increases are fair, just and unreasonable.

States that the provisions of this Act shall be administered by the Federal Power Commission.