(a) Extension of time.—Notwithstanding the time period specified in section 13 of the Federal Power Act (16 U.S.C. 806) that would otherwise apply to the Federal Energy Regulatory Commission project numbered 12715 (referred to in this section as the “project”), the Federal Energy Regulatory Commission (referred to in this section as the “Commission”) may, at the request of the licensee for the project, and after reasonable notice, in accordance with the good faith, due diligence, and public interest requirements of, and the procedures of the Commission under, that section, extend the time period during which the licensee is required to commence the construction of the project for not more than 3 consecutive 2-year periods that begin on the date of the expiration of the extension originally issued by the Commission.

(b) Obligation of licensee.—Any obligation of the licensee for the project for the payment of annual charges under section 10(e) of the Federal Power Act (16 U.S.C. 803(e)) shall commence on the expiration of the time period to commence construction of the project, as extended by the Commission under subsection (a).

(c) Reinstatement of expired license.—

(1) IN GENERAL.—If the period required for the commencement of construction of the project has expired before the date of enactment of this Act, the Commission may reinstate the license effective as of the date of the expiration of the license.

(2) EXTENSION.—If the Commission reinstates the license under paragraph (1), the first extension authorized under subsection (a) shall take effect on the date of the expiration of the license.