To amend the Federal Power Act to establish requirements regarding the operation of certain electric generating facilities, and for other purposes.

Amends the Federal Power Act with respect to procedures and administrative provisions to direct the Federal Energy Regulatory Commission (FERC) to: (1) calculate a generation performance standard (equal to a certain statutory tonnage cap) for oxides of nitrogen, sulfate fine particulate matter, and any other air pollutant released in significant quantities by electric generating units; (2) set forth schedules of statutory tonnage caps for emissions of oxides of nitrogen and sulfate fine particulate matter from covered electric generating units; and (3) promulgate by rule a national limit on total annual emissions of any other pollutant from covered electric generating units, expressed in tons.

Prescribes procedural guidelines for: (1) allocation and trading of allowances; (2) penalties for excess emissions; and (3) periodic publication by FERC of its estimate of the total electric generation by covered electric generating units. Provides for citizen suits to enforce this Act.