Establishes: (1) an independent Energy Laboratory Facilities Commission to reduce energy laboratories and programs; and (2) the Energy Laboratory Facility Closure Account to fund reduction implementation .
Federal Power Asset Privatization Act of 2001 - Directs the Secretary of Energy to sell all Federal electric power generation and transmission facilities under the aegis of the Federal Power Marketing Administrations (except the Bonneville Power Administration).
Transfers to: (1) the Secretary of the Interior all DOE functions affecting the Strategic Petroleum Reserve; and (2) the Administrator of the Energy Programs Resolution Agency all functions performed with respect to the naval petroleum reserves, except Naval Petroleum Reserve Numbered 1 (Elk Hills).
Establishes the Defense Nuclear Programs Administration (the Administration) in the Department of Defense (DOD).
Establishes an Under Secretary for Defense Nuclear Programs and transfers to such Under Secretary all: (1) DOE national security functions; (2) supervisory functions previously performed by DOE over Sandia, Los Alamos, and Lawrence Livermore National Laboratories; (3) functions of the Defense Threat Reduction Agency of DOD relating to nuclear weapons systems; and (4) functions of the Defense Nuclear Facilities Safety Board.
Directs the Secretary of Energy to terminate the following DOE research and development activities: (1) clean coal technology; (2) fossil energy; (3) energy conservation; and (4) energy supply research and development (including basic energy sciences, magnetic fusion energy, solar and renewable energy, nuclear fission, and biological and environmental sciences).
Amends the Nuclear Waste Policy Act of 1982 to terminate the Office of Civilian Radioactive Waste Management.