This bill establishes a financial incentive program to encourage companies and utilities to invest in grid-enhancing technologies, which are hardware or software improvements that increase the capacity, efficiency, or reliability of the electrical transmission system. The Federal Energy Regulatory Commission must create rules by July 2025 that return between 10 and 25 percent of the money saved from these technology investments back to the developer over a three-year period, but only if the expected savings are at least four times the cost of the investment. The bill also requires transmission system operators to report annually on congestion management costs, and directs the Department of Energy to create a guide and provide technical assistance to utilities and developers implementing these technologies, with funding authorized up to $5 million in 2024 and $1 million annually through 2035. These measures aim to make it financially more attractive for private companies and utilities to upgrade the nation's electrical grid infrastructure.
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