Preserving energy affordability

(a) One year moratorium on providing financial assistance to certain investor owned electric utilities (1) Requirement Notwithstanding any other provision of law relating to the provision of financial assistance by the Secretary, during the period of 1 year that begins on the date of enactment of this section, the Secretary may not provide any financial assistance to a regulated investor owned electric utility that, after the date of enactment of this section, charges residential electric consumers a rate for electricity above the rate for electricity charged by the utility to residential electric consumers on January 1, 2026. (2) Termination of financial assistance A regulated investor owned electric utility to which the Secretary provides financial assistance during the period of 1 year that begins on the date of enactment of this section may not charge residential electric consumers a rate for electricity above the rate for electricity charged by the utility to residential electric consumers on January 1, 2026 during the period of 1 year that begins on the date of the enactment of this section. If the Secretary determines that a regulated investor owned electric utility violates the prohibition in the preceding sentence, the Secretary shall terminate the financial assistance provided by the Secretary to the utility. (b) Requirement for subsequent period of 2 years (1) Requirement Notwithstanding any other provision of law relating to the provision of financial assistance by the Secretary, during the period of 2 years that begins after the period of 1 year described in subsection (a), the Secretary may not provide any financial assistance to a regulated investor owned electric utility that, after the date of enactment of this section, charges residential electric consumers a rate for electricity above the rate for electricity charged by the utility to residential electric consumers on January 1, 2026, unless the regulated investor owned electric utility— (A) during such period of 2 years, does not provide to the 5 highest compensated employees of the utility an amount of total compensation that exceeds the amount of total compensation of the 5 highest compensated employees of the utility on January 1, 2026; (B) during such period of 2 years, at the time of increasing such rate, reduces the total compensation of the 5 highest compensated employees of the utility by the amount that is twice the amount of the percentage point increase from the rate that was in effect on January 1, 2026, to the new rate; and (C) submits to the Secretary a report that identifies— (i) the amount of total compensation of the 5 highest compensated employees of the utility on January 1, 2026; and (ii) the amount of total compensation of the 5 highest compensated employees of the utility as a result of the reduction in total compensation described in subparagraph (B). (2) Termination of financial assistance If the Secretary determines that a regulated investor owned electric utility to which the Secretary provided financial assistance compensated the 5 highest compensated employees of the utility in violation of subparagraph (A) or (B) of paragraph (1), the Secretary shall terminate the financial assistance provided by the Secretary to the utility. (c) Definitions In this section: (1) Electric consumer; rate; state regulatory authority; state regulated electric utility The terms electric consumer, rate, State regulatory authority, and State regulated electric utility have the meanings given such terms, respectively, in section 3 of the Public Utility Regulatory Policies Act of 1978 (16 U.S.C. 2602). (2) Regulated investor owned electric utility The term regulated investor owned electric utility means a State regulated electric utility that is an investor owned electric utility. (3) Secretary The term Secretary means the Secretary of Energy. (4) Total compensation The term total compensation includes any salary, bonuses, stock awards, stock options, and any other financial remuneration.