Electric Refund Fairness Act of 2001

Electric Refund Fairness Act of 2001 - Amends the Federal Power Act with respect to Federal Energy Regulatory Commission (FERC) power to fix a refund effective date. Repeals the current range of dates for such an effective date to mandate that such date be: (1) the date the complaint is filed, in the case of a proceeding instituted on complaint; or (2) the date of publication by FERC of notice of its intention to initiate such a proceeding, in the case of a proceeding instituted by FERC upon its own motion. Requires certain refunds ordered by FERC to include any appropriate penalties as well as interest.