Amends section 215 of the Federal Power Act by (1) modifying subsection (a)(3) to strike the phrase "enlarge such facilities or to construct new transmission capacity or generation capacity" and insert "construct new generation capacity", and (2) amending subsection (i)(2) by striking (text not specified in this section).

Amends subsection (d)(2) of 42 U.S.C. 18713 by striking the text ",500,000,000" and inserting the text "inserting3,500,000,000".

Amends 16 U.S.C. 824(b)(2) by striking the second place a specified phrase appears and by striking the phrase "an electric utility or other entity" and inserting "any entity that is otherwise exempt under section 201(f)".

Amends 16 U.S.C. 824(e) by striking (unspecified text) from the public-utility definition provision.

Amends 16 U.S.C. 824k (section 212 of the Federal Power Act) by striking subsection (k).

Amends 16 U.S.C. 824p (section 216 of the Federal Power Act) by striking subsection (k).

Amends 16 U.S.C. 824q (section 217 of the Federal Power Act) by striking subsection (h).

Amends 16 U.S.C. 824t (section 220 of the Federal Power Act) by striking subsection (f).