Amends the Natural Gas Act to protect consumers from excessive rates.
Requires natural-gas companies to provide a bond to refund any amounts ordered by the Commission if changes in rates or charges are made effective.
Places the burden of proof to show that the changed rate or charge is just and reasonable on the natural-gas company.
Mandates the Commission to give preference to hearings involving rate or charge changes and decide as quickly as possible.
Requires natural-gas companies to refund, with interest, amounts paid in excess of what would have been paid under the just and reasonable rate established by the Commission.
Sets guidelines for establishing the refund effective date for hearings initiated on complaint or by the Commission.
If the Commission fails to render a final decision within 180 days of initiating a hearing, it must state the reasons for the delay and estimate when a decision will be made.
Specifies that the amendments made by the legislation do not apply to proceedings commenced before the enactment of the Act but allows for proceedings to be withdrawn and refiled without prejudice.
Directs the Federal Energy Regulatory Commission to conduct a study between 3 and 4 years after enactment to analyze the impact of the amendments on the cost of capital for natural-gas companies, any changes in the average time to resolve proceedings, and other matters deemed appropriate.
Requires the Federal Energy Regulatory Commission to report the results of the study to the Senate Committee on Energy and Natural Resources and the House Committee on Energy and Commerce.
