Amends the Public Utility Regulatory Policies Act of 1978 to prescribe guidelines for a Federal Renewable Portfolio Standard under which retail electric suppliers submit renewable energy credits to the Secretary.
Directs the Secretary to: (1) encourage federally-owned utilities, municipally-owned utilities, and rural electric cooperatives that sell electric energy to electric consumers for purposes other than resale to participate in the renewable portfolio standard program; and (2) establish, not later than December 31, 2005, a State renewable energy account program.