Regulatory Fairness Act

Regulatory Fairness Act - Amends the Federal Power Act to direct the Federal Energy Regulatory Commission to order a public utility to refund (with interest) those amounts determined by the Commission to be in excess of just and reasonable rates or charges. Requires the Commission to give the same preference to a refund proceeding as is provided for in a rate increase proceeding. States that if no final decision has been rendered by either the refund effective date or by the conclusion of the 180-day period commencing upon initiation of a refund proceeding the Commission shall state the reasons why and its estimate as to when it reasonably expects to make such decision. Authorizes the Commission to order a public utility to make refunds for the period subsequent to the refund effective date through a date 15 months later. Authorizes the Commission to order refunds for the period subsequent to the refund effective date and prior to conclusion of a proceeding if it determines that the proceeding was not resolved within the 15-month period because of dilatory behavior by the public utility.

Exempts registered electric utility holding companies from refund liability if such refund results from a reallocation of cost responsibility among such holding companies' subsidiaries (unless the Commission determines that the registered holding company would not experience any revenue reduction as a result of refund liability).

Declares that this Act does not expand or diminish the Commission's authority to issue orders under the Federal Power Act regarding electric utility rate increases and decreases.

Requires the Commission to study and report to the Congress regarding the impact of this Act upon the cost of capital paid by public utilities and the average time consumed to resolve refund proceedings.