Cogeneration and Waste Heat Utilization Act

Cogeneration and Waste Heat Utilization Act -- Title I: Waste Heat Energy Recovery Policy Analysis -- Directs the Federal Energy Administrator to study the feasibility of implementing waste heat energy recovery technology on a nationwide scale. Details subjects to be covered in periodic progress reports to the Congress and the President.

Title II: Research, Development, Demonstration, and Technology Transfer Program -- Directs the administration of the Energy Research and Development Administration to establish a program designed to improve the efficiency and capabilities of industrial and utility dual-purpose powerplants. Requires that such a program be formulated in conjunction with a transition from petroleum and natural gas to coal and other alternate energy sources.

Title III: Interim Incentives for Industrial Cogeneration -- Amends the Internal Revenue Code of 1954 to allow a special tax credit for equipment which generates electrical energy in excess of the uses needs in marketable quantities. Stipulates that electric power distributors who unreasonably refuse to purchase and transmit excess electrical energy (in accordance with standards prescribed by the Federal Power Commission) shall be denied investment tax credits.

Authorizes the Federal Energy Administrator to make grants to State utility regulatory authorities on an interim basis to assist such authorities in emergency recovery and use of waste heat energy.