A bill to amend the Powerplant and Industrial Fuel Use Act of 1978 to expedite conversions from the use of petroleum and natural gas to the use of mixtures of petroleum and coal or other alternate fuels.

Amends the Powerplant and Industrial Fuel Use Act of 1978 to direct the President to establish, by regulation, procedures to expedite the conversion of electric powerplants and major fuel-burning installations from the use of petroleum and natural gas to the use of mixtures of petroleum and coal or other alternate fuels.

Provides that during the 15 year period following the granting of an exemption for the use of certain mixtures containing natural gas or petroleum to any new or existing powerplant or installation, the Secretary of Energy may not reduce the minimum percentage of petroleum or natural gas applicable to such facility unless the Secretary finds that the facility: (1) has the technical capability to comply with the lower minimum percentage or could have such capability without physical modification or reduction in the facility's capacity; and (2) is financially able to comply with that lower percentage.

Amends such Act to include petroleum within the emergency allocation provisions thereof but only with respect to powerplants or major fuel-burning installations granted an exemption for the use of certain fuel mixtures or using such mixtures to the same extent as if granted such an exemption.