Hydroelectric Licensing and Incentives Act of 2001

Hydroelectric Licensing and Incentives Act of 2001 - Amends the Federal Power Act to prescribe procedural guidelines for the consideration of hydroelectric power licensing by Federal agencies and the Secretaries of the Interior and of Commerce.

Instructs the Secretary of Energy to make incentive payments: (1) for a period of ten fiscal years to the owner or operator of electric energy generated and sold by a qualified hydroelectric facility; and (2) to the owner or operator of hydroelectric facilities at existing dams for capital improvements directly related to specified facility efficiency improvements.

Amends the Public Utility Regulatory Policies Act of 1978 to redefine "an existing dam" for purposes of small hydroelectric power projects as one whose construction was completed on or before May 16, 2001 (currently, on or before April 20, 1977).

Instructs the Secretary of Energy to study and report to certain congressional committees on cost-effective opportunities to increase hydropower generation at existing federally-owned or operated water regulation, storage, and conveyance facilities.