Establishes the Energy Regulatory Commission (ERC) as regulatory body for the energy industry, with the following authority and duties: ensure security and reliability of the power system; inspect the energy industry operations of licensees to ensure efficiency and transparency; promote knowledge and awareness in relation to energy; promote and support human resources development in order to increase efficiency in the energy industry; promote economical and efficient use of energy and the use of renewable energy and low-impact energy, with due consideration of the efficiency of the electricity industry operations and the balance of natural resources.