This bill modifies an existing federal law regarding the Snettisham Hydroelectric Project in Alaska, which is a power generation facility. Specifically, it amends the Alaska Power Administration Asset Sale and Termination Act to change how federal power regulations apply to this project going forward. The bill removes certain language that previously tied the project's exemption status to specific entities, effectively altering the exemption from the Federal Power Act that currently applies to the Snettisham facility. The legislation was introduced by Alaska Senators Murkowski and Sullivan and affects how the federal government regulates this hydroelectric power operation in Southeast Alaska. The bill does not specify new funding amounts or implementation timelines in the provided text.