Electric Reliability Act of 2005 - Amends the Federal Power Act to extend Federal Energy Regulatory Commission (FERC) jurisdiction for purposes of approving reliability standards and enforcing compliance with this Act over a FERC-certified electric reliability organization (ERO), a regional entity, and users, owners, and operators of a bulk-power system.
Prescribes procedural guidelines for: (1) certification as an ERO; (2) filing of reliability standards; and (3) imposition of penalties by either an ERO or FERC for noncompliance with this Act.
Requires an ERO to file with FERC for approval of any proposed rule or rule change.
Urges the President to negotiate international agreements with the governments of Canada and Mexico to provide for effective compliance with reliability standards and the efficacy of the ERO in the United States, Canada or Mexico.
Requires an ERO to assess periodically the reliability and adequacy of the interconnected bulk-power system in North America.
Directs FERC to establish a regional advisory body upon the petition of at least two-thirds of the States within a region that have more than one-half of their electric loads served within the region.
Exempts Alaska or Hawaii from the coverage of this Act.