Hydroelectric Licensing Process Improvement Act of 2001

Hydroelectric Licensing Process Improvement Act of 2001- Amends the Federal Power Act to prescribe mandatory factors for consideration and documentation by Federal agency participants (consulting agencies) in the Federal Energy Regulatory Commission (FERC) hydroelectric license renewal process when setting forth renewal prerequisites, including the economic impact, and the means to ensure that such prerequisites address only direct project environmental impacts at the lowest project cost.

Mandates that each condition be subjected to scientific peer review.

Requires a consulting agency to provide a license applicant an opportunity to obtain expedited administrative review of its proposed conditions before filing a FERC application.

Empowers the reviewing body to remand the matter to such agency upon finding that the agency's conditions are inconsistent with this Act.

Sets a one-year deadline by which a consulting agency must file its proposed licensing conditions with FERC.

Directs FERC to: (1) conduct an economic analysis of each condition submitted by a consulting agency to determine whether it would render the project uneconomic; (2) conduct a single consolidated environmental review for each licensed project; and (3) consider the need of license applicants for a prompt decision when setting a deadline for the submission of comments by governmental agencies regarding environmental impact statements or assessments.

Directs FERC to study and report to certain congressional committees on the feasibility of establishing a separate licensing procedure for small hydroelectric projects with a generating capacity of five megawatts or less.