Electric Reliability Act of 2004

Electric Reliability Act of 2004 - Amends the Federal Power Act to extend Federal Energy Regulatory Commission (FERC) jurisdiction over each electric reliability organization (ERO), regional entity, and user, owner, and operator of a bulk-power system for purposes of approving reliability standards and enforcing compliance with this Act.

Prescribes procedural guidelines for: (1) certification as an ERO; (2) filing of reliability standards; and (3) imposition of penalties by either an ERO or FERC for noncompliance with this Act

Requires an ERO to: (1) file with FERC for approval any proposed rule or rule change; and (2) take all appropriate steps to gain recognition in Canada and Mexico.

Requires an ERO to assess periodically the reliability and adequacy of the interconnected bulk-power system in North America.

Directs FERC to establish a regional advisory body on the petition of at least two-thirds of the States within a region that have more than half of their electric loads served within the region

Declares this Act inapplicable to Alaska or Hawaii.