To reinstate and transfer a hydroelectric license under the Federal Power Act to permit the redevelopment of a hydroelectric project located in the State of New York, and for other purposes.

Directs the Federal Energy Regulatory Commission to reinstate the hydroelectric license for Project No. 6032 and to transfer it, without delay or the institution of any proceedings, to any prior Project 6032 licensee who has not been ordered by the New York Public Service Commission to divest its generation facilities.

States that the Project is entitled to the full benefit of any legislation passed by Congress that promotes hydroelectric development within two years either before or after the effective date of this Act.