; or (II) regulations or policies— (aa) of the Commission; or (bb) under the Federal Power Act ( 16 U.S.C. 791a et seq.); and (ii) containing recommendations of the Commission for reducing those barriers; (B) identifying and determining any market, procurement, or cost recovery mechanisms that would— (i) encourage development of pumped storage hydropower projects; and (ii) properly compensate pumped storage hydropower projects for the full range of services provided to the electric grid, including— (I) balancing electricity supply and demand; (II) ensuring grid reliability; and (III) integrating intermittent power sources into the grid in a cost-effective manner; and (C) identifying ownership and development models that could reduce barriers to the development of pumped storage hydropower projects, including— (i) opportunities for risk-sharing mechanisms and partnerships, including co-ownership models; and (ii) opportunities to foster lease sale and lease-back arrangements with publicly owned electric utilities. (2) Current proceeding The Commission shall base the report under paragraph (1) on the findings of the Commission in— (A) Docket No. AD16-20-000; and (B) any other relevant proceedings. (b) Traditional licensing process timeline It is the sense of Congress that a license order of the Commission under part I of the Federal Power Act ( 16 U.S.C. 792 et seq.) for a pumped storage project should be issued by the date that is 1 year after the date on which the Commission considers the application for the project to be complete if— (1) the license applicant has filed a license application in accordance with subpart D of part 4 of title 18, Code of Federal Regulations (or successor regulations)