Federal Power Commission Reform Act

Federal Power Commission Reform Act - Amends the Federal Power Act to direct the Federal Power Commission to require public utilities to report anticipated shortages of power and to file plans to provide for curtailment by retail consumers on a nondiscriminatory basis.

Requires that rate increases for the interstate sale of electricity not become effective until public hearings on such increases have been completed by the Commission. Authorizes the Commission to issue orders prohibiting unfair methods of competition by public utilities.

Stipulates that rates charged by public utilities shall be approved by the Commission only if based on known and measurable costs. Directs the Commission to audit the fuel acquisition practices of public utilities with a view to eliminating discriminatory or anticompetitive practices.