A bill to amend the Natural Gas Policy Act of 1978 to require the Federal Energy Regulatory Commission to submit biannual reports to the Congress on the various interstate pipelines' sales and transportation tariffs, including filings for adjustment for purchased gas costs, and to amend the Natural Gas Act to require hearings on tariffs which provide for rate increases.

Amends the Natural Gas Policy Act of 1978 to require the Federal Energy Regulatory Commission (the Commission) to report biannually to certain congressional committees on interstate pipeline filings regarding sales and transportation rates and charges, including filings on adjustments for purchased gas costs. Prescribes the contents of such reports.

Amends the Natural Gas Act to authorize the Commission to hold hearings whenever a natural gas company files for a rate change pursuant to any purchased gas adjustment clause under any schedule. Requires the Commission to order such a hearing upon a complaint if a natural gas company files for an increase in any rate or charge.

Requires (currently authorizes) the Commission to suspend and defer operation of increased schedule or rate changes pending a hearing and decision, until final appealable agency action has been taken.

Authorizes the Commission to permit increased rates to take effect if: (1) final agency action has not taken place within five months after such suspension has begun; and (2) the affected gas company demonstrates that continued suspension would result in severe financial hardship.

Authorizes the Commission to extend by a specified maximum period the time required for a hearing and a final decision.