Electric Utility Competition Act of 1984

Electric Utility Competition Act of 1984 - Amends the Federal Power Act to require that the Federal Energy Regulatory Commission give preferences in the issuance of preliminary permits or licenses for water power projects to rural electric cooperatives.

Requires the Commission to transmit to the Attorney General a copy of any application for a new license for water power projects. Provides that the Attorney General shall give the Commission advice on any antitrust considerations with respect to the issuance of such a license. Requires the Commission to publish such advice in the Federal Register. Requires the Commission to determine whether the activities under such license would involve a situation inconsistent with the antitrust laws. Sets forth procedural requirements which the Commission must follow in making such determination. Provides that if such a determination is in the affirmative and if no competing license application is pending, the Commission shall hold the application on which its finding was made in abeyance for 180 days and permit applications for new licenses to be submitted. Authorizes the Commission to issue a license to the original applicant if no competing applications are made. Requires the Commission to follow the procedures listed above in examining any new license applications and to reject those applications found to be inconsistent with the antitrust laws.