Exemption of new CREUs from FERC and DOE regulation

(a) In general Notwithstanding any other provision of law, a consumer-regulated electric utility that begins operations on or after the date of enactment of this Act shall be exempt from Federal regulation with respect to matters under the jurisdiction of the Federal Energy Regulatory Commission or the Secretary of Energy, including— (1) all reliability standards; and (2) all other standards, rules, regulations, or other requirements established, administered, or enforced under— (A) section 215 of the Federal Power Act (16 U.S.C. 824o); (B) any other provision of that Act; or (C) any other provision of Federal law (including regulations). (b) Beginning of operations For purposes of subsection (a), the date on which a consumer-regulated electric utility begins operations is the date on which the consumer-regulated electric utility first generates, transmits, distributes, or sells electricity. (c) Termination of exemption If a consumer-regulated electric utility elects to connect to any portion of the bulk-power system or any other electric transmission or distribution system for primary or backup supply, the consumer-regulated electric utility shall, immediately on making that connection— (1) cease being a consumer-regulated electric utility; and (2) become subject to all Federal regulation applicable to the consumer-regulated electric utility from which the consumer-regulated electric utility was exempt under subsection (a).