The Utility Accountability Act would require the Department of Energy to impose financial penalties on investor-owned electric utilities that fail to meet state-set performance standards for reliability and safety. When a state regulatory authority certifies that a utility has missed these targets, the utility must provide annual bill credits to residential customers, starting at $100 in the first year of non-compliance and increasing by $100 each subsequent year until performance standards are met. The law mandates that utility investors, rather than other customers, bear the cost of these bill credits. Additionally, if a state regulatory authority fails to enforce these penalty requirements, the Department of Energy can withhold federal assistance including grants, loans, and technical support to that state. The bill would apply to investor-owned electric utilities operating in states where regulatory authorities have rate-setting power.