Adds a new paragraph (22) to subsection (d) of 16 U.S.C. 2621 establishing a new ratemaking standard titled 'Ensuring electric reliability with reliable generation facilities,' including a definition of 'reliable generation facility' with 30-day continuous generation and fuel-supply characteristics, ability to operate during emergencies/severe weather, and provision of essential services (e.g., frequency and voltage support).

Amends 16 U.S.C. 2622 by adding a new paragraph (9) to subsection (b) that creates specific 1-year and 2-year deadlines (measured from the date of enactment) for State regulatory authorities to commence and complete consideration of the new paragraph (22) standard added to 16 U.S.C. 2621(d). Also amends subsection (c) by changing a cross-reference (striking 'subsection (b)(2)' and inserting 'subsection (b)') and by adding an 'Other prior State actions' provision that exempts certain State regulated electric utilities from application of subsections (b) and (c) where the State had implemented or considered a comparable standard or the legislature voted on implementation within the 3-year period ending on the date of enactment.

The section states that 16 U.S.C. 2634 is amended by inserting additional text after an unspecified location (the provided excerpt truncates the insertion point and the inserted text is not included in the excerpt).