Reservoir Management Fairness Act of 1991

Reservoir Management Fairness Act of 1991 - Directs the Comptroller General to: (1) study the projections of the Tennessee Valley Authority (TVA) relating to expenses associated with establishing October 1 as the date of drawdown of lake levels in lakes managed by TVA; and (2) submit a report on such study to the Drawdown Study Panel established by this Act to conduct a study of all matters relating to establishing such date as the drawdown date.

Requires the Panel to report to the Administrator (sic) of TVA on suggested policies and on the findings and conclusions of the Panel, together with recommendations for appropriate orders, rules, and regulations for carrying out such policies.

Requires TVA's Board to: (1) consider the Panel's recommended policies; and (2) develop and carry out such orders, rules, and regulations as it determines to be appropriate.

States that for the two year period beginning on January 1 after the date of the enactment of this Act, the Board of TVA shall take such action as is necessary to establish an interim delayed drawdown date of October 1 for lakes located in the State of North Carolina and to carry out the delayed drawdown. Provides that the Board may exempt a lake from such provisions in any case where it determines that the delayed date of drawdown described above is necessary to avoid emergency conditions with respect to navigation, flood control needs, and peak power needs.

States that, with respect to the Fontana Reservoir in Graham and Swain counties in North Carolina, the Board may not establish a minimum lake level below 1640 feet (above mean sea level) applicable to the period beginning on May 1 and ending on October 1. Provides that the Board may exempt the Fontana Reservoir from such provisions in any case where it determines that a lake level that does not meet the requirements of such provisions is necessary to avoid the types of emergency conditions described above.

Authorizes appropriations to carry out this Act.