NEW NATURAL GAS STORAGE FACILITIES.

SEC. 312. NEW NATURAL GAS STORAGE FACILITIES. Section 4 of the Natural Gas Act (15 U.S.C. 717c) is amended by adding at the end the following: “(f)(1) In exercising its authority under this Act or the Natural Gas Policy Act of 1978 (15 U.S.C. 3301 et seq.), the Commission may authorize a natural gas company (or any person that will be a natural gas company on completion of any proposed construction) to provide storage and storage-related services at market-based rates for new storage capacity related to a specific facility placed in service after the date of enactment of the Energy Policy Act of 2005, notwithstanding the fact that the company is unable to demonstrate that the company lacks market power, if the Commission determines that— “(A) market-based rates are in the public interest and necessary to encourage the construction of the storage capacity in the area needing storage services; and “(B) customers are adequately protected. “(2) The Commission shall ensure that reasonable terms and conditions are in place to protect consumers. “(3) If the Commission authorizes a natural gas company to charge market-based rates under this subsection, the Commission shall review periodically whether the market-based rate is just, reasonable, and not unduly discriminatory or preferential.” .