National Electrical Energy Reliability and Conservation Act

National Electrical Energy Reliability and Conservation Act - Title I: National Power Grid and Regional Bulk Power Distribution - Creates a National Power Grid Corporation to establish and operate a national power grid system consisting of electric power generating facilities and a system of high voltage transmission lines. Authorizes regional corporations to act as exclusive marketing agents for the national grid in designated regions of the country.

Authorizes electric utilities, publicly or privately owned, to enter into agreements for services with the regional corporation. Imposes specified conditions on any such contract for the National Grid which may be sold.

Directs the National Grid to carry out a program of research and development in the area of electric power generation and transmission giving preference to environmental protection and land use research priorities. Authorizes up to $250,000,000 per fiscal year to carry out such program.

Requires that at least two percent of the annual revenues collected by the National Grid be channeled into research and development activities.

Transfers specified Federal generating and transmission facilities to the Grid.

Title II: General Provisions Applicable to National Grid and to Regional Corporations - Stipulates that each corporation shall be subject to Federal, State, and local environmental standards.

Specifies the interests to be represented on the Board of Directors of such corporations, and their composition, terms of members, procedures for selecting the officers, and employees of the corporations.

Stipulates that the corporations shall have those powers conferred on nonprofit corporations pursuant to the District of Columbia Nonprofit Corporation Act and specified additional powers.

Directs such corporations to at all times maintain complete and accurate books of accounts.

Authorizes each corporation to issue and sell bonds for financing its activities, providing that the aggregate total of outstanding bonds shall not exceed $30,000,000,000.

Authorizes each corporation to cause to be instituted condemnation proceedings against any lands or interests in land necessary to carry out the provisions of this Act.

Requires each corporation to report annually to the President and provide for transmittal of such report to the Congress.