; and (2) if the period of a preliminary permit is extended under paragraph (1), extend the period of such preliminary permit once for not more than 4 additional years beyond the extension period granted under paragraph (1), if the Commission determines that there are extraordinary circumstances that warrant such additional extension. . (d) Time limit for construction of project works Section 13 of the Federal Power Act ( 16 U.S.C. 806 ) is amended in the second sentence by striking once but not longer than two additional years and inserting for not more than 8 additional years, . (e) License term Section 15(e) of the Federal Power Act ( 16 U.S.C. 808(e) ) is amended— (1) by striking (e) Except and inserting the following: (e) License term on relicensing (1) In general Except ; and (2) by adding at the end the following: (2) Consideration In determining the term of a license under paragraph (1), the Commission shall consider, among other things, project-related investments to be made by the licensee under a new license issued under this section, as well as project-related investments made by a licencee over the term of the existing license (including any terms under annual licenses). In considering such investments, the Commission shall give the same weight to— (A) investments to be made by the licensee to implement a new license issued under this section, including— (i) investments in redevelopment, new construction, new capacity, efficiency, modernization, rehabilitation, and safety improvements; and (ii) investments in environmental, recreation, and other protection, mitigation, or enhancement measures that will be required or authorized by the license; and (B) investments made by the licensee over the term of the existing license (including any terms under annual licenses), beyond those required by the existing license when issued, that— (i) resulted in, during the term of the existing license— (I) redevelopment, new construction, new capacity, efficiency, modernization, rehabilitation, or safety improvements