A bill to amend the Federal Power Act to specify the annual charges for projects with licenses issued for the use of dams and other structures.

Amends the Federal Power Act to provide that the charge for a license issued by the Federal Energy Regulatory Commission for the use of Federal dams or other structures shall not exceed one mill per kilowatt-hour for the first 40 gigawatt-hours of energy a project produces, one and one-half mills per kilowatt-hour for over 40 up to and including 80 gigawatt hours, and two mills per kilowatt-hour for any energy the project produces over 80 gigawatt-hours. Prohibits any other charge by any other Federal agency for the use of such dams or structures.

Provides that no charge shall be assessed for the use of a Federal dam or other structure by a licensee or other entity if, before the enactment of this Act, a Federal agency has entered into a contract with such licensee or entity providing that such licensee or entity may build a power plant using Federal irrigation facilities and will retain possession and ownership of the power plant and all revenues from such power plant.

Requires the Commission to review the appropriateness of such charges every five years, and to report to the Congress regarding any recommendations for such charges.