This bill requires the Federal Energy Regulatory Commission to reform how it plans and approves electricity transmission projects that span multiple regions. The legislation aims to make the interregional planning process more effective by requiring synchronized planning across regions at least every two years, ensuring that project evaluations consider long-term benefits over at least 20 years, and allowing cost-sharing based on the multiple benefits a project provides rather than arbitrary voltage or size requirements. The bill also allows transmission developers to request cost recovery for interregional projects that connect multiple planning regions and provide net benefits, even if those regions haven't jointly adopted a plan. The Commission must issue final regulations implementing these requirements within 18 months of the bill's enactment. Overall, the legislation seeks to accelerate transmission infrastructure development by removing barriers to interregional projects and ensuring costs are fairly distributed among the customers who benefit from improved grid reliability and efficiency.
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