The SPEED and Reliability Act of 2024 streamlines the process for building major electric transmission lines critical to the nation's power grid. The bill allows the Secretary of Energy to designate certain high-capacity transmission projects as "national interest high-impact transmission facilities" and gives the Federal Energy Regulatory Commission authority to issue construction permits for these projects within 90 days of application, which typically face lengthy approval processes. To qualify, projects must add at least 750 megawatts of new transmission capacity, operate at 345 kilovolts or higher, and cross at least two state lines or reach federal waters. The legislation also makes these facilities eligible for federal financing and public-private partnership support programs previously available only to other designated transmission corridors. The bill requires the Energy Department and FERC to establish detailed regulations and milestone requirements within 180 days of enactment to evaluate applications and ensure project sponsors are capable of completing construction.