(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) HYdropower Permit Extension Act or the HYPE Act (Sec. 2) This bill amends the Federal Power Act to authorize the Federal Energy Regulatory Commission (FERC) to issue a preliminary permit to a hydropower construction license applicant for up to four years, instead of three. FERC may extend a preliminary permit once for no more than four years and may issue an additional four-year extension if it determines there are extraordinary circumstances that warrant the issuance of an additional extension. Additionally, FERC may extend the time a licensee has to commence construction on a project for up to eight years. Under current law, FERC may extend the license for no more than two years.