Electric Consumers Protection Act of 1997

TABLE OF CONTENTS: Title I: Retail Competition Title II: Public Utility Holding Companies Title III: Public Utility Regulatory Policies Act Title IV: Environmental Protection Electric Consumers Protection Act of 1997 - Title I: Retail Competition - Sets December 15, 2003, as the date beginning which: (1) each consumer shall have the right to purchase retail electric energy from any offeror; and (2) all sellers of such energy shall have reasonable and nondiscriminatory access, on an unbundled basis, to the local distribution and retail transmission facilities of retail electric energy providers and all related services. (Sec. 104) Permits State authorities and nonregulated providers to implement the program before such dateline. Sets forth guidelines for: (1) State regulatory authority; (2) recovery of stranded costs by a retail electric energy provider; (3) recovery of stranded costs by a multistate utility company; and (4) universal service for specified consumers. (Sec. 110) Sets forth a statutory framework for retail electric energy suppliers to comply with Renewable Energy Credit requirements. (Sec. 111) Directs the Federal Energy Regulatory Commission (FERC) to establish the broadest feasible transmission regions and designate an Independent System Operator to manage and operate it in each region by a specified deadline. Authorizes each State that is part of a transmission region, after an Independent System Operator has been designated for such region, to elect to join a Regional Transmission Oversight Board. (Sec. 112) Declares that nothing in this Act is intended to permit retail electric energy providers to recover in their distribution and retail transmission rates any costs associated with unregulated activities. (Sec. 113) Amends the Federal Power Act to: (1) prohibit a public utility from acquiring the facilities or securities of a natural gas utility company unless FERC finds such acquisition is in the public interest; and (2) direct FERC to prohibit a retail electric energy supplier or provider from using its ownership or control of resources to maintain a situation inconsistent with effective competition among retail and wholesale electric suppliers. (Sec. 114) Obligates retail and wholesale electric energy suppliers and providers owning nuclear generating units before the enactment of this Act to recover from their customers all reasonable nuclear decommissioning costs. (Sec. 115) Grants all retail and wholesale electric energy suppliers the right to sell to customers of the Tennessee Valley Authority. Title II: Public Utility Holding Companies - Repeals the Public Utility Holding Company Act of 1935. (Sec. 204) Retains Federal and State access to books and records of public utility holding companies and their associate companies. (Sec. 206) Empowers FERC and State regulatory bodies to determine whether a public utility company may recover in rates any costs of goods and services acquired from an associate company after a specified date. Authorizes a State regulatory body to examine the prudence of interaffiliate power transactions among public utilities. Title III: Public Utility Regulatory Policies Act - Declares the Public Utility Regulatory Policies Act of 1978 governing cogeneration and small power production inapplicable to public utility facilities beginning commercial operations after the enactment of this Act. States that no public utility shall be required to enter into a new contract or obligation to purchase or sell electric energy after the effective date of this title or, if earlier, the date on which retail electric competition is implemented in all of its service territories. Title IV: Environmental Protection - Instructs the Environmental Protection Agency to report to the Congress on the implications of differences in air pollution emissions standards for wholesale and retail electric generation competition and for public health and the environment.