1. Short title This Act may be cited as the Energy Prices Require Including Climate Externalities Act or as the Energy PRICE Act . 2. Purpose The purpose of this Act is to clarify the intent of Congress when passing the Federal Power Act and to provide direction to the Federal Energy Regulatory Commission with respect to wholesale electricity rates. 3. Findings Congress makes the following findings: (1) When passing the Federal Power Act, Congress required the Federal Energy Regulatory Commission ( the Commission ) to ensure that the rates charged by electric utilities for, or in connection with, wholesale electricity rates are just and reasonable , a process which necessarily includes the evaluation of all factors affecting wholesale market rates, including environmental externalities. (2) The Federal Power Act requires the Commission to ensure that public utilities do not grant undue preference or advantage to, or discriminate against, any person when making wholesale electricity sales. (3) Section 206(a) of the Federal Power Act authorizes the Commission to change any rates that the Commission determines to be unjust, unreasonable, unduly discriminatory or preferential . (4) In its final rule titled Endangerment and Cause or Contribute Findings for Greenhouse Gases Under Section 202(a) of the Clean Air Act published on December 15, 2009 (74 Fed. Reg. 66496), the Environmental Protection Agency found that the emissions of greenhouse gases endanger both the public health and the public welfare of current and future generations . (5) The failure of markets to internalize the costs of greenhouse gas pollution into the cost of products, including electricity, led to a misallocation of capital, and therefore to the emission of a greater volume of these pollutants. (6) In 1956, the Supreme Court held in Federal Power Commission v. Sierra Pacific Power Company, 350 U.S. 348 (1956), that the Commission must ensure protection of the public interest when exercising its authority to set just and reasonable rates. (7) The