Public Utilities Regulatory Policy Act

Public Utilities Regulatory Policy Act - Requires each State regulatory authority and each nonregulated utility to furnish all available information to the Secretary of Energy which the Secretary deems necessary to determine the costs associated with providing natural gas or electric service.

Authorizes the Secretary to intervene in any proceeding which relates to utility rates or rate design of regulated or nonregulated utilities. Requires the Secretary to report to Congress on any such intervention and include in such report observations and recommendations concerning opportunities to improve utility ratemaking and management policies to achieve greater energy conservation and optimize the use of facilities and resources by utilities.

Directs the Secretary, in consultation with the Federal Energy Regulatory Commission, to study and report to Congress on gas utility rate design, together with proposals to improve such rate design and to encourage conservation of natural gas.

Establishes the National Regulatory Research Institute under the auspices of the National Association of Regulatory Utility Commissioners to provide State regulatory authorities with an independent source of applied economic and technical research on critical regulatory policy issues and with improved data retrieval systems.

Directs the Secretary of Energy to recommend to State regulatory authorities guidelines requiring electric utilities to offer to sell electric energy to any qualifying cogenerator or small power producer and to offer to purchase electric energy from such entities.

Requires the Secretary to prescribe rules exempting qualifying cogenerators and small power producers in whole or in part from the Federal Power Act and/or the Public Utility Holding Company Act.

Amends the Federal Power Act to exempt low-head hydroelectric demonstration projects which are wholly or partially federally funded, from the licensing requirement of such Act.

Authorizes the Secretary to make loans to municipalities, electric cooperatives, industrial development agencies, nonprofit organizations, and other persons to defray the cost studies to determine the feasibility of undertaking small hydroelectric projects at existing laws.

Authorizes appropriations to carry out this Act for fiscal years 1979-1981.

Amends the Energy Conservation and Production Act to authorize appropriations for fiscal years 1978-79 to carry out Title II of such Act (Electric Utility Rate Design Initiatives).