Amends the Federal Power Act to direct the Federal Energy Regulatory Commission (FERC) to discontinue its licensing and regulatory authority over certain new, small (power production capacity of 5,000 kilowatts or less) qualifying hydroelectric project works in Alaska effective upon FERC certification that Alaska has a regulatory program in place for water-power development that: (1) protects certain public and environmental interests to the same extent provided by FERC and specified Federal law; (2) gives equal consideration to energy conservation, fish and wildlife protection, recreational opportunities, environmental quality, the interests of Alaska Natives, and beneficial public uses; and (3) has licensing requirements for construction, operation and maintenance of lights, signals, and fishways by a licensee at its own expense, operation of navigation facilities subject to Secretary of the Army regulations, and fish and wildlife protection and enhancement based upon Federal and State agency recommendations.

Authorizes the licensee of a project works licensed before enactment of this Act to elect to subject such works to licensing and regulation by Alaska in accordance with this Act.

Declares that, with respect to project works on an Indian reservation, a conservation system unit, or Federal public lands, a State license or exemption from license shall be subject to the approval of the Secretary having jurisdiction over such lands, and such conditions as the Secretary may prescribe.

Requires FERC to consult with the Secretaries of the Interior, of Agriculture, and of Commerce before certifying Alaska's regulatory program.

Requires the State of Alaska to notify FERC within 30 days after making any significant modification to its regulatory program. Requires FERC to reassert its regulatory and licensing authority if Alaska has not complied with one or more requirements of this Act. Prescribes FERC compliance review procedures.

Amends the Federal Power Act to direct the Federal Energy Regulatory Commission (FERC) to discontinue its licensing and regulatory authority over certain new, small (power production capacity of 5,000 kilowatts or less) qualifying hydroelectric project works in Alaska effective upon FERC certification that Alaska has a regulatory program in place for water-power development that: (1) protects certain public and environmental interests to the same extent provided by FERC and specified Federal law; (2) gives equal consideration given to energy conservation, fish and wildlife protection, recreational opportunities, environmental quality, the interests of Alaska Natives, and beneficial public uses; and (3) has licensing requirements for construction, operation and maintenance of lights, signals, and fishways by a licensee at its own expense, operation of navigation facilities subject to Secretary of the Army regulations, and fish and wildlife protection and enhancement based upon Federal and State agency recommendations.

Authorizes the licensee of a project works licensed before enactment of this Act to elect to subject such works to licensing and regulation by Alaska in accordance with this Act.

Declares that, with respect to project works on an Indian reservation, a conservation system unit, or Federal public lands, a State license or exemption from license shall be subject to the approval of the Secretary having jurisdiction over such lands, and such conditions as the Secretary may prescribe.

Requires FERC to consult with the Secretaries of the Interior, of Agriculture, and of Commerce before certifying Alaska's regulatory program.

Requires the State of Alaska to notify FERC within 30 days after making any significant modification to its regulatory program. Requires FERC to reassert its regulatory and licensing authority if Alaska has not complied with one or more requirements of this Act. Prescribes FERC compliance review procedures.

Amends the Federal Power Act to direct the Federal Energy Regulatory Commission (FERC) to discontinue its licensing and regulatory authority over certain new, small (power production capacity of 5,000 kilowatts or less) qualifying hydroelectric project works in Alaska, effective upon FERC certification that Alaska has a regulatory program in place for water-power development meeting specified criteria. Prescribes such criteria as: (1) protection of certain public and environmental interests to the same extent provided by FERC and specified Federal law; (2) equal consideration given to energy conservation, fish and wildlife protection, recreational opportunities, environmental quality, the interests of Alaska Natives, and beneficial public uses; and (3) licensing requirements for construction, operation and maintenance of lights, signals, and fishways by a licensee at its own expense, operation of navigation facilities subject to Secretary of the Army regulations, and fish and wildlife protection and enhancement based upon Federal and State agency recommendations.

Authorizes the licensee of a project works licensed before enactment of this Act to elect to subject such works to licensing and regulation by Alaska in accordance with this Act.

Declares that, with respect to project works on an Indian reservation, a conservation system unit, or Federal public lands, a State license or exemption from license shall be subject to the approval of the Secretary having jurisdiction over such lands, and such conditions as the Secretary may prescribe.

Requires FERC to consult with the Secretaries of the Interior, of Agriculture, and of Commerce before certifying Alaska's regulatory program.

Requires the State of Alaska to notify FERC within 30 days after making any significant modification to its regulatory program. Requires FERC to reassert its regulatory and licensing authority if Alaska has not complied with one or more requirements of this Act. Prescribes FERC compliance review procedures.