This bill amends federal electricity law to require better coordination of power grid expansion planning across local, regional, and multi-state areas. The Federal Energy Regulatory Commission must create new rules within 18 months requiring transmission planning regions to jointly plan with neighboring regions and identify which power line projects should be built or upgraded over the next two decades, considering factors like renewable energy transitions, equipment replacement needs, and extreme weather risks. The bill affects electricity utilities, grid operators, and ultimately electric customers by potentially lowering costs through more efficient long-term planning that replaces piecemeal short-term solutions, though it protects customers from paying for transmission projects that provide them no benefit. The legislation excludes Texas from these requirements and includes mechanisms for resolving planning disputes between regions within 60 days.