Saving Our Dams and New Hydropower Development and Jobs Act of 2012

Saving Our Dams and New Hydropower Development and Jobs Act of 2012 - Amends the Reclamation Project Act of 1939 to authorize small conduit hydropower development. Designates the Power Resources Office of the Bureau of Reclamation as the lead office of small conduit hydropower policy and procedure-setting activities.

Requires the Administrators of the Bonneville Power Administration, the Western Area Power Administration, the Southwestern Power Administration, and the Southeastern Power Administration to include in monthly billings sent to customers estimates and reports of costs related to compliance with federal environmental laws impacting fish and wildlife.

Authorizes the Commissioner of the Bureau of Reclamation to partner or enter into an agreement with local joint power authorities to complete planning and feasibility studies authorized by Congress for water storage projects.

Prohibits the Bureau of Reclamation and other federal agencies from bypassing hydroelectric turbines if a state in which the affected facilities are located has declared a drought emergency or if such bypass could result in harming endangered fish, unless such bypasses are necessary for flood control purposes.

Exempts from the requirement to prepare an environmental assessment or impact statement an electricity right-of-way holder, including a Power Marketing Administration, that applies to remove insect-infected trees or other hazardous fuels within 500 feet of the right-of-way.

Prohibits: (1) federal funds from being used to implement a new program, project, activity, or action required by or proposed in a March 16, 2012, memorandum from Steven Chu, Secretary of Energy, to the Power Marketing Administrators, until a report justifying the implementation of such program, project, activity, or action is submitted to Congress; (2) federal funds from being used to remove, breach, or study the removal or breaching of any hydroelectric-producing dam unless explicitly authorized by Congress; (3) federal funds or funding from congressionally chartered organizations that provide grants impacting federal land and fish and wildlife from being used for mitigation activities related to hydroelectric-producing dam removal unless explicitly authorized by Congress; and (4) federal agencies or congressionally chartered organizations that provide grants impacting federal land and fish and wildlife from funding any nongovernmental organization that is or was involved in litigation that would negatively impact hydropower generation during the preceding 10 years.