Amends the Public Utility Regulatory Policies Act of 1978 to set forth a federal renewable energy portfolio standard applicable to calendar years 2010 to 2025.
Instructs the Secretary of Energy to establish: (1) a renewable energy credit trading program under which electric utilities shall submit to the Secretary renewable energy credits to certify their compliance with such standard; and (2) a state renewable energy account program for grants to state agencies to promote renewable energy production (including programs that promote technologies that reduce the use of electricity at customer sites such as solar water heating).
Requires the Federal Energy Regulatory Commission (FERC) to issue and enforce regulations to ensure that an electric utility recovers all prudently incurred costs associated with compliance with this Act.
Instructs the Secretary to study and report to Congress on methods to increase transmission line capacity for wind energy development.