To privatize the Federal Power Marketing Administrations, and for other purposes.

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Establishment of Corporations and Transfer of Facilities Title II: Privatization of Corporations Title I: Establishment of Corporations and Transfer of Facilities - Establishes the following Government corporations to operate, maintain, and market the electric power transmission and generation facilities transferred to them under this Act: (1) the Southeastern Power Corporation; (2) the Western Area Power Corporation; and (3) the Southwestern Area Power Corporation. Directs the President to appoint, with the advice and consent of the Senate, a Transition Manager for each such Corporation. Prescribes transition guidelines for the transfer of facilities and funds, and the termination of the Federal power marketing administrations. Amends the Energy and Water Development Appropriations Act of 1993 to repeal the prohibition against the use of Federal funds for studies relating or leading to the possibility of changing from the currently required "at cost" to a "market rate," or any other noncost-based method for hydroelectric power pricing by the six Federal public power authorities, or other Federal authorities without specific congressional authorization. …