Electric Rate Regulatory Reform Act

Electric Rate Regulatory Reform Act - Amends the Federal Power Act to direct the Federal Power Commission to require public utilities to report anticipated shortages of power. Authorizes the Commission to order utilities to accommodate such deficiencies in an equitable and nondiscriminatory manner. Authorizes the Commission to order connections with additional facilities or interchanges between systems to alleviate such deficiencies in a manner as will best serve the public interest.

Establishes procedures to provide for preliminary hearings on proposed new rate schedules. Authorizes the Commission to order interim rate schedules to take effect if no final decision on the proposed schedule has been reached within five months.

Prohibits a utility from filing proposals for rate schedule increases while the Commission has pending before it a schedule filed previously by such utility. Prohibits the use of fuel adjustment clauses in utility rate schedules without consideration of such increase in an evidentiary hearing. Requires annual review of legitimate automatic adjustment clauses by the Commission.

Authorizes the Commission to issue orders prohibiting unfair methods of competition by public utilities.

Directs the Commission to consider financial impacts of proposed rate increases on electric utilities which buy electricity from the applicant and offer such electricity for resale to electric consumers.