Regional Conservation and Electric Power Planning and Regulatory Coordination Act of 1985

Regional Conservation and Electric Power Planning and Regulatory Coordination Act of 1985 - Title I: Granting of Consent to Any Two or More States to Enter Into Multistate Compacts - Grants congressional consent to any two or more States to enter into compacts to develop, adopt, and publish: (1) standards for ratemaking treatment of any costs incurred by electric utilities that are unrelated to resource acquisition; (2) methodologies to assess cost-effective resources to meet electric energy demand; (3) plans to mitigate the adverse effects of unforecasted, emergency electric power outages or shortages; and (4) a long-run conservation and electric power plan for resource acquisition to meet the total electric energy demand in the geographic region covered by the compact at least system cost.

Sets forth requirements with respect to the membership and functioning of a multistate compact. Requires that public hearings be held prior to the adoption of any standard, methodology, or plan.

Authorizes the governing agency of a multistate compact to encourage resource acquisition by electric utilities and their customers and consumers according to the long-term conservation and electric power plan developed under the compact. Requires that an opportunity for public comment and review be provided prior to certification of the need for any resource.

Permits the governing agency of a multistate compact, where authorized by the compact establishing it, to: (1) intervene and participate as a matter of right in any proceeding held by the Federal Energy Regulatory Commission; and (2) apply to the Commission for an order compelling one or more electric utilities to provide or modify transmission services where appropriate for purposes of implementing a long-run conservation and electric power plan.

Sets forth judicial review procedures which shall apply to actions under this Act.

Title II: Authority of the States to Regulate the Rates for Certain Wholesale Electricity Transactions - Permits a State regulatory authority, with the Governor's approval and after a public hearing, to submit to the Commission for its approval a plan for the regulation by such authority of some or all of the rates for the sale of electricity at wholesale by electric utilities which are subject to the Commission's regulatory jurisdiction. Specifies the contents of such a plan. Requires the Commission to approve or disapprove it within 180 days after its receipt. Permits amendments to such a plan by the State. Sets forth procedures for Commission review of the implementation of such a plan.

Title III: Amendments to the Federal Power Act - Amends the Federal Power Act to conform to this Act.