(Sec. 5) Prescribes procedural guidelines for both Federal Energy Regulatory Commission (FERC) and State access to records of a holding company (including subsidiaries, associates, and affiliates) of a public utility or natural gas company.
(Sec. 7) Instructs FERC to promulgate a final rule to exempt from such access requirements any person that is a holding company solely with respect to one or more: (1) qualifying facilities under the Public Utility Regulatory Policies Act of 1978; (2) exempt wholesale generators; or (3) foreign utility companies.
Requires FERC to exempt any person or transaction from such access requirements if it finds that regulation of such person or transaction is irrelevant to the jurisdictional rates of a public utility or natural gas company.
(Sec. 8) Retains: (1) FERC authority to require that jurisdictional rates are just and reasonable, including the ability to deny or approve the pass through of costs, the prevention of cross-subsidization, and the promulgation of rules for the protection of utility consumers; and (2) the jurisdiction of FERC and State commissions to determine whether a public utility company or natural gas company may recover in rates any costs of associate company activities, or of any goods or services acquired by the public utility company from an associate company.
(Sec. 9) Declares this Act inapplicable to: (1) the United States; (2) a State or its political subdivision; and (3) a foreign governmental authority not operating in the United States.
(Sec. 11) Grants FERC certain Federal Power Act enforcement powers.
(Sec. 15) Establishes the Electric Energy Market Competition Task Force to prepare an analytical report for Congress on the protection and promotion of competition within the wholesale and retail domestic market for electric energy.
(Sec. 16) Directs the Comptroller General to study and report to Congress on the success of the Federal Government and the States in: (1) the prevention of anticompetitive practices by public utility holding companies, including cross-subsidization and other abuses; and (2) the promotion of competition and efficient energy markets to the benefit of consumers.
(Sec. 18) Authorizes appropriations.
(Sec. 19) Amends the Federal Power Act to repeal its conflict of jurisdiction guidelines.