Federal Power Marketing Revolving Fund Act of 1979

Federal Power Marketing Revolving Fund Act of 1979 - Directs the Secretary of Energy to construct or otherwise acquire transmission facilities in order to: (1) integrate and transmit the electric power from existing or additional generating units; (2) provide customer service; (3) provide interregional transmission facilities; and (4) maintain electrical stability and reliability. Limits the Secretary's authority to make such acquisitions. Authorizes the Secretary to become a member of electrical cooperatives and other institutions determined necessary to carry out this Act.

Authorizes the establishment of the following separate funds in the U.S. Treasury: (1) Alaska Power Administration Fund; (2) Southeastern Power Administration Fund; (3) Southwestern Power Administration Fund; and (4) Western Area Power Administration Fund. Includes in such funds: (1) receipts from power marketing activities; (2) moneys borrowed from the U.S. Treasury; and (3) congressional appropriations. Authorizes the Secretary to make expenditures from such funds as necessary for each power administration's programs. Limits the use of appropriated and trust funds. Requires the Secretary to keep the official record of each power administration's operations, receipts, and expenditures.

Directs the Secretary to maintain separate accounts for specified individual projects of the Western Area Power Administration. Establishes specific restrictions on the Western Fund.

Authorizes the Secretary to: (1) invest moneys in nonmarketable obligations of the United States; and (2) borrow from the Secretary amounts in behalf of the power administrations.