The HYDRO Act of 2024 directs the Western Area Power Administration to reduce electricity rates charged to customers of three major federal hydropower projects in the West—the Salt Lake City Area Integrated Projects, the Boulder Canyon Project, and the Parker-Davis Project—when drought conditions limit power generation below specified thresholds. Specifically, rate reductions would be triggered when the Salt Lake City projects produce less than 4.9 million megawatt-hours annually, the Boulder Canyon project falls below 3.6 million megawatt-hours, or the Parker-Davis project drops below 1.4 million megawatt-hours. The bill addresses prolonged western drought conditions that have made it difficult for these federal facilities to deliver adequate hydropower while recovering non-power-related costs. Rate reductions would be funded through existing unobligated balances at these projects without requiring additional appropriations, and the provisions would expire on December 31, 2031. The legislation does not alter water rights or authorize changes to how the Bureau of Reclamation operates these facilities.