This legislation, known as the FLOWS Act, amends the Federal Power Act to simplify regulatory requirements for existing hydropower projects. It exempts licensees from needing Federal Energy Regulatory Commission (FERC) approval for nonsubstantial alterations or additions to project works, as well as for routine maintenance, repair, or replacement of project components. Additionally, seasonal or temporary adjustments to project operations in response to unforeseen circumstances will no longer require prior FERC approval. A crucial savings clause ensures that these changes do not diminish FERC's authority to require notice from licensees, enforce safety standards for dams and appurtenant structures, or mandate changes to protect safety. FERC retains the ability to engage in prompt, informal consultations regarding safety before any work is undertaken, ensuring continued oversight of critical infrastructure. The bill also introduces a new, expedited licensing process for micro hydrokinetic energy projects , defined as projects with an installed capacity of not more than 5 megawatts that convert hydrokinetic energy from various water sources without impounding water. FERC is authorized to issue licenses for these projects for terms ranging from 10 to 20 years, with a mandate to take final action on applications within one year of filing. To facilitate deployment, FERC must promulgate regulations within 180 days, which are required to include provisions for categorical exclusions under the National Environmental Policy Act (NEPA) for low-disturbance activities associated with these projects. The legislation also requires FERC to submit a report to Congress detailing the environmental, economic, and reliability impacts of these newly licensed projects after 5 years or once 50 projects have been operational for at least one year.