Amendment in the nature of a substitute: (1) authorizes the Federal Energy Regulatory Commission (FERC), to extend the time required for commencement of construction of several projects, for a maximum of 2 years each; (2) provides for a limited exemption for a hydropower project located in Rio Arriba County, NM; (3) authorizes FERC to exempt two hydroelectric projects located in Alaska from certain licensing requirements; (4) directs FERC to make recommendations to the Congress in 1995 regarding legislation to transfer to the State of Hawaii all or part of its authority under the Federal Power Act for licensing new hydroelectric projects in the State; and (5) extends for a period of 2 years the removal of the size cap on renewable generation resources under the Public Utility Regulatory Policies Act of 1992.