Federal Hydroelectric and Environmental Enhancement Act of 2004 - Directs the Secretary of the Interior and the Secretary of the Army to study and report to Congress on: (1) the potential for creating or increasing electric power production capability at facilities under their respective administrative jurisdiction; and (2) operational methods and water scheduling techniques to increase operational efficiencies at certain-sized hydroelectric power plants.
Requires each Secretary to coordinate with the Administrator of each Federal power marketing administration in determining how the value of electric power produced by each hydroelectric power facility that produces power marketed by the administration can be optimized.