Amends the Public Utility Regulatory Policies Act of 1978 to require the Secretary of Energy to promulgate regulations regarding: (1) the issuance of credits for electricity and natural gas savings; (2) a national credit trading system; and (3) a system for independent monitoring of the market for such credits.
Requires retail electricity or natural gas distributors to submit annually to the Secretary: (1) for each of calendar years 2010-2020 a number of credits equal to specified percentages of the base quantity of electricity or natural gas they delivered to retail customers in the most recent year; and (2) for 2021 and thereafter a number of credits equal to a percentage of such base quantity as the Secretary may determine, but in no case less than the percentage for 2020.
Requires the Secretary to: (1) promulgate regulations regarding measurement and verification of electricity and natural gas savings under this Act; and (2) issue credits for verified savings by such distributors and by other entities. Establishes credit values of: (1) 1,000 kilowatt-hours of electricity; and (2) 10 therms of natural gas.
Authorizes any entity that receives a credit to: (1) sell or transfer the credit to any other entity; or (2) use the credit to achieve compliance with submission requirements under this Act. Authorizes a distributor to pay the Secretary a buyout fee of $20 for each electricity savings credit or $2 for each natural gas savings credit in lieu of submitting credits.
Provides for: (1) state energy efficiency programs in lieu of the program under this Act; and (2) civil penalties for failure to comply with credit submission or buyout requirements.