Combined Heat and Power Advancement Act of 2001

[AI summary unavailable — showing source text] Combined Heat and Power Advancement Act of 2001 - Amends the Federal Power Act to prescribe implementation guidelines for: (1) the interconnection of a generating facility with the distribution facilities of the local distribution utility; (2) the interconnection of a generating facility with the transmission facilities of a transmitting utility; and (3) sales of backup power by a local distribution utility and by a transmitting utility to an interconnected generating facility. Amends the Internal Revenue Code relating to energy property to provide an investment tax credit for such combined heat and power systems.…