A bill to amend section 205 of the Federal Power Act to limit the recovery by public utilities of certain costs of construction work in progress through rate increases.

Amends the Federal Power Act to direct the Federal Energy Regulatory Commission to approve public utility rate increases for electric energy based on costs of proposed or ongoing construction in regard to: (1) pollution control facilities; or (2) conversion of oil or gas-fired facilities to use of other fuels.

Directs the Commission to order rate increases to cover construction costs for facilities other than those above only after an evidentiary proceeding. Sets forth requirements concerning such proceedings.