After the effective date of Commission regulations implementing this part, a person may submit an application to the Commission for approval of a proposed nuclear energy generation project, including an application to upgrade the generation capabilities of an existing nuclear energy generating station. For an application submitted in accordance with paragraph (1) of this subsection, the long–term pricing schedule shall be based only on any new generation proposed in the application, including new generation at an existing nuclear energy generating station. On receipt of an application for approval of a proposed nuclear energy generation project, the Commission shall: open an application period during which other interested persons may submit applications for approval of a proposed nuclear energy generation project; and provide notice that the Commission is accepting applications for approval of proposed nuclear energy generation projects. The Commission shall set the closing date for the application period to be not sooner than 90 days after the notice provided under paragraph (1) of this subsection. The Commission shall provide at least two additional application periods before January 1, 2031. The Commission may provide additional application periods that meet the requirements of this section.