A bill to amend the Public Utility Regulatory Policies Act of 1978 to establish an energy efficiency resource standard for retail electricity and natural gas distributors.

Amends the Public Utility Regulatory Policies Act of 1978 to require the Secretary of Energy to promulgate regulations regarding: (1) the issuance of credits for electricity and natural gas savings; (2) a national credit trading system; and (3) a system for independent monitoring of the market for such credits.

Requires retail electricity or natural gas distributors to submit annually to the Secretary: (1) for each of calendar years 2010-2020 a number of credits equal to specified percentages of the base quantity of electricity or natural gas they delivered to retail customers in the most recent year; and (2) for 2021 and thereafter a number of credits equal to a percentage of such base quantity as the Secretary may determine, but in no case less than the percentage for 2020.

Requires the Secretary to: (1) promulgate regulations regarding measurement and verification of electricity and natural gas savings under this Act; and (2) issue credits for verified savings by such distributors and by other entities. Establishes credit values of: (1) 1,000 kilowatt-hours of electricity; and (2) 10 therms of natural gas.

Authorizes any entity that receives a credit to: (1) sell or transfer the credit to any other entity; or (2) use the credit to achieve compliance with submission requirements under this Act. Authorizes a distributor to pay the Secretary a buyout fee of $20 for each electricity savings credit or $2 for each natural gas savings credit in lieu of submitting credits.

Provides for: (1) state energy efficiency programs in lieu of the program under this Act; and (2) civil penalties for failure to comply with credit submission or buyout requirements.