FASTER Act of 2023

The FASTER Act of 2023 amends the Federal Power Act to speed up the review and permitting of certain electric transmission facilities. It defines key terms, sets rules for designating national interest electric transmission corridors, and allows the Federal Energy Regulatory Commission (FERC) to issue permits for such facilities under specific conditions, such as when a state lacks authority or delays decisions. The bill also provides funding for cooperating agencies, gives FERC new hiring and pay authority, and establishes a fund for conservation and permit coordination using revenues from transmission projects on federal land.

Sec. 2, National interest electric transmission facilities: This section replaces the existing law on siting interstate electric transmission facilities. It defines terms like "national interest electric transmission facility" (high-capacity lines in designated corridors or crossing at least two states) and "community benefit agreement" (a binding deal between project sponsors and local entities). The Secretary of Energy must study transmission congestion every three years and may designate corridors. Developers can also request corridor designations. FERC can issue permits for these facilities if a state lacks siting authority, the applicant doesn't serve customers in the state, or a state delays a decision for over a year.

Sec. 3, Support for regional offices of cooperating agencies: This section authorizes funding for FERC to provide money to cooperating agencies (like other federal or state bodies) to cover staff and resource costs for reviewing qualifying transmission projects, aiming to speed up the review process.

Sec. 4, FERC hiring and compensation authority: This section lets the FERC Chairman designate certain positions that can be filled without standard civil service rules. FERC can set pay for these positions up to the rate for Executive Schedule Level III, to help hire or retain needed staff.

Sec. 5, Disposition of certain revenues: This section sets rules for money collected from transmission projects on federal land (like bonus bids, rentals, or fees). From enactment through 2039, 25% goes to the state, 30% to counties, 15% to the Interior Secretary for permit coordination, and 30% to a new Federal Land Electric Energy Transmission Conservation Fund. After 2039, the shares change to 25% state, 30% county, 10% for permit coordination, and 35% to the Fund. The Fund, run by the National Fish and Wildlife Foundation, supports habitat restoration, wildlife corridors, water resources, and recreational access in affected regions.