A legal question about business…. who controls the right of use of the water and its currents below a dam ?
Multi-jurisdictional question, depending on how much water and what “use” you’re referring to (power, boating, access, etc): federal and state laws authorized federal and state agencies to have overlapping and complementary say in different parts of your question. Federal and state energy, federal and state environment, federal and state navigable waterways, state and federal regulations regarding waterfront parks, etc.