Public Interest Hydroelectric Facility Relicensing Reform Act of 1984

Public Interest Hydroelectric Facility Relicensing Reform Act of 1984 - Amends the Federal Power Act to require the Federal Energy Regulatory Commission to issue a license to operate existing hydroelectric facilities to the applicant whose plans the Commission determines are the best adapted to serve the public interest in any case where more than one applicant has applied for a license. Provides that in making such determination, the Commission shall consider: (1) each applicant's plans with respect to the use and conservation of the water resources in the region; (2) the economic impact of the license to each applicant; and (3) the electricity consumption efficiency improvement program of each applicant. Permits a license applicant to stipulate that if it receives such license, it will pay to the existing licensee an amount greater than the amount which the Government must pay to an existing licensee when the United States takes over a hydroelectric project upon the expiration of such existing licensee's license. Requires that preference be given to applications by States and municipalities if their plans are determined to be equally well adapted to serve the public interest according to the criteria listed above.