New England Regional Power Planning and Distribution Act of 1981

New England Regional Power Planning and Distribution Act of 1981 - Title I: Establishment of Authority - Establishes within the Department of Energy a New England Regional Power Planning Authority. Requires the Regional Authority to report annually to Congress on its operations.

Title II: Regional Planning - Directs the Regional Authority to prepare, adopt, and publish a regional energy service plan for the New England Region (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut) which shall include: (1) an energy power demand forecast for the Region; (2) a forecast of the additional power resources necessary to meet the projected demand; (3) a system for determining priorities among the alternative resources available to meet the projected demand; (4) an analysis of the reserve and reliability requirements affecting electric power use and availability in the Region; and (5) rate guidelines for the sale of power by the Regional Authority. Requires that public hearings be held in each affected State within the Region before the adoption of or any subsequent amendment to such plan.

Title III: Purchase and Sale of Gas or Electric Power - Authorizes the Regional Authority to purchase for resale gas or electric power generated from imported hydroelectric facilities located in Canada or from utilities or power authorities in the United States. Authorizes the Regional Authority to enter into long-term contracts to purchase power from new hydroelectric capacity in Canada and make funds available to assist in the construction of such facilities. Requires the adoption of both the regional energy service plan and a treaty between the United States and Canada with respect to the purchase by the Regional Authority of gas or electric energy generated in Canada before the Regional Authority can acquire such power.

Authorizes the Regional Authority to sell such power to electric utilities for resale within the Region. Directs the Regional Authority to establish and revise rates for the sale of such power. Makes such rates effective only upon approval by the Federal Energy Regulatory Commission based on findings that such rates will cover specified expenses. Requires public notice of and public hearings on proposed rates.

Title IV: Financing Authority - Establishes in the U.S. Treasury a New England Power Fund, and authorizes the Regional Authority to issue and sell to the Secretary of the Treasury bonds to cover the financial needs of the Regional Authority.

Title V: General Provisions - Declares that nothing in this Act shall preempt State or local authority with respect to electric energy generation, the purchase or sale of electric energy, or electric utilities.

Requires complete accounts of all operations of the Regional Authority.