To require the Federal Energy Regulatory Commission to establish a shared savings incentive to return a portion of the savings attributable to an investment in grid-enhancing technology to the developer of that grid-enhancing technology, and for other purposes.
About This Bill
Committee
Latest Action · March 12, 2024
Read twice and referred to the Committee on Energy and Natural Resources.
The Advancing Grid-Enhancing Technologies Act of 2024 directs the Federal Energy Regulatory Commission to create a financial incentive program that rewards companies for installing technology that improves the efficiency, capacity, or reliability of the electrical grid. Under this program, developers who install qualifying grid-enhancing technology would receive 10 to 25 percent of the cost savings their investment generates over a three-year period, provided the expected savings are at least four times the installation cost. The legislation applies to both new and existing transmission infrastructure and excludes technology already installed before the bill's enactment. The bill also requires transmission operators to report annual data on congestion management costs to help identify where grid improvements are most needed, with the Federal Energy Regulatory Commission and Department of Energy creating a publicly available map of this information. Additionally, the Department of Energy must develop an application guide and provide technical assistance to utilities and developers implementing these technologies, with $5 million authorized for fiscal year 2024 and $1 million annually through 2035.
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