Ratepayer Protection Act - Declares that no electric utility shall be required to enter into a new contract or obligation to purchase or sell electric energy or capacity pursuant to rules under the Public Utility Regulatory Policies Act of 1978 (PURPA) requiring electric utilities to offer to sell electric energy to, and purchase it from, qualifying cogeneration facilities and qualifying small power production facilities (qualifying facilities).
Directs the Federal Energy Regulatory Commission to promulgate and enforce regulations to assure that no utility shall be required to absorb the costs associated with electric energy or capacity purchases from a qualifying facility pursuant to a legally enforceable obligation entered into or imposed under PURPA rules before this Act's enactment. (Thus assures that such utilities recover all costs associated with such purchases). Provides that regulations required by this Act shall be treated as rules enforceable under the Federal Power Act.