A bill to amend section 205 of the Federal Power Act in order to revise the procedure for establishing new schedules of rates, charges, classifications, or services.

Amends the Federal Power Act to establish revised procedures for the approval of proposed changes in utility rate schedules or charges by the Federal Power Commission. Directs the Commission to conduct preliminary hearings prior to issuance of temporary orders on the lawfulness of such proposed schedules. Stipulates that increased rates made immediately effective which are later found to be unjustified shall be refunded to customers.

Prohibits public utilities from filing proposed schedules for rate increases while similar proposals are pending before the Commission.