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cess basis shall not result in subsidization of expansion ca-
pacity by existing customers, degradation of service to exist-
ing customers, or undue discrimination against existing
customers as to their terms or conditions of service at the
facility, as all of those terms are defined by the Commis-
sion.’’.
SEC. 382. NEW NATURAL GAS STORAGE FACILITIES.
Section 4 of the Natural Gas Act (15 U.S.C. 717c) is
amended by adding at the end the following:
‘‘(f)(1) In exercising its authority under this Act or
the Natural Gas Policy Act of 1978 (15 U.S.C. 3301 et seq.),
the Commission may authorize a natural gas company (or
any person that will be a natural gas company on comple-
tion of any proposed construction) to provide storage and
storage-related services at market-based rates for new stor-
age capacity placed in service after the date of enactment
of the Energy Policy Act of 2005, notwithstanding the fact
that the company is unable to demonstrate that the com-
pany lacks market power, if the Commission determines
that—
‘‘(A) market-based rates are in the public inter-
est and necessary to encourage the construction of
storage capacity in areas needing storage services;
and
‘‘(B) customers are adequately protected.
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‘‘(2) The Commission shall ensure that reasonable
terms and conditions are in place to protect consumers.
‘‘(3) If the Commission authorizes a natural gas com-
pany to charge market-based rates under this subsection,
the Commission shall review periodically (but not more fre-
quently than triennially) whether the market-based rate is
just, reasonable, and not unduly discriminatory or pref-
erential.’’.
SEC. 383. PROCESS COORDINATION; HEARINGS; RULES OF
PROCEDURES.
Section 15 of the Natural Gas Act (15 U.S.C. 717n)
is amended—
(1) by striking the section heading and inserting
the following:
‘‘PROCESS COORDINATION; HEARINGS; RULES OF
PROCEDURE’’;
(2) by redesignating subsections (a) and (b) as
subsections (e) and (f), respectively;
(3) by striking ‘‘SEC. 15.’’ and inserting the fol-
lowing:
‘‘SEC. 15. (a) In this section, the term ‘Federal
authorization’—
‘‘(1) means any authorization required under
Federal law with respect to an application for au-
thorization under section 3 or a certificate of public
convenience and necessity under section 7; and
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‘‘(2) includes any permits, special use authoriza-
tions, certifications, opinions, or other approvals as
may be required under Federal law with respect to an
application for authorization under section 3 or a
certificate of public convenience and necessity under
section 7.
‘‘(b)(1) With respect to an application for Federal au-
thorization, the Commission shall, unless the Commission
orders otherwise, be the lead agency for purposes of com-
plying with the National Environmental Policy Act of 1969
(42 U.S.C. 4321 et seq.).
‘‘(2) As lead agency, the Commission, in consultation
with affected agencies, shall prepare a single environmental
review document, which shall be used as a basis for all deci-
sions under Federal law on—
‘‘(A) an application for authorization under sec-
tion 3; or
‘‘(B) a certificate of public convenience and ne-
cessity under section 7.
‘‘(c)(1) The Commission shall, in consultation with
agencies responsible for Federal authorizations, and with
due consideration of recommendations by the agencies, es-
tablish a schedule for all Federal authorizations required
to be completed before an application under section 3 or
7 may be approved.