Washington, D.C. –- (RealEstateRama) — Congresswoman Elise Stefanik (R-NY-21) helped the House pass H.R. 2274, the HYPE Act – bipartisan legislation to cut red tape in the construction permitting process for hydropower projects and incentivize greater investment in hydropower.
“In Congress, I have been a strong supporter of renewable energy sources, and have voted to extend critical tax credits to promote the use of biomass, wind, solar and hydropower,” said Congresswoman Stefanik. “This commonsense legislation will encourage and incentive greater use of clean hydropower. By helping to streamline the regulatory process, this legislation will help improve output and incentivize greater output of this critical renewable energy source.”
H.R. 2274 amends the Federal Power Act to allow the Federal Energy Regulatory Commission (FERC) to extend periods relating to preliminary permits and commencement of construction of hydroelectric projects. Specifically, the legislation extends the period of a valid preliminary permit from three to four years, permits the Commission to extend the period of a preliminary permit once for not more than four years, and permits the Commission to extend the period once more for an additional four years if there are extraordinary circumstances that warrant such an additional extension. Currently, Congress must act to extend construction permits for hydropower projects.