Advancing GETs Act of 2024

This bill requires the Federal Energy Regulatory Commission (FERC) to create a shared savings incentive that returns a portion of cost savings from grid-enhancing technology investments to the developer who pays to install that technology. It also mandates congestion reporting and an application guide for such technologies.

Sec. 2, Definitions: Defines key terms. "Commission" means FERC. "Grid-enhancing technology" means hardware or software that increases capacity, efficiency, reliability, resilience, or safety of transmission facilities and is installed to give operators more situational awareness, make facilities more efficient, or increase transfer capacity. "Secretary" means the Secretary of Energy.

Sec. 3, Shared savings incentive for grid-enhancing technologies: Defines "developer" as the entity paying to install the technology. By July 1, 2025, FERC must issue a final rule providing a shared savings incentive that returns a portion of savings from a grid-enhancing technology investment to its developer. FERC sets the percentage of savings returned, which must be at least 10% and no more than 25%, and returns that percentage over 3 years. The incentive applies to any developer and any grid-enhancing technology, including for new or existing transmission. It only applies if expected savings over 3 years are at least 4 times the investment cost, as determined by FERC. It does not apply to technology already installed when the bill becomes law. FERC must determine appropriate consumer protections.

Sec. 4, Congestion reporting: One year after the rule takes effect, all transmission facility operators must submit annual reports to FERC on congestion management costs. By July 1, 2025, FERC must issue a final rule establishing a universal metric and protocol for measuring and reporting this data. FERC and the Secretary must each use the data for analyses and may coordinate. They must jointly create a map of congestion management costs and update it at least annually. The data and map must be publicly available on FERC's and the Department of Energy's websites.

Sec. 5, Grid-enhancing technology application guide: Defines "developer" as a developer of transmission facilities or technologies, including one who pays to install grid-enhancing technology. By July 1, 2025, the Secretary must establish an application guide for utilities and developers seeking to implement grid-enhancing technologies. The guide must be reviewed and updated annually. On request, the Secretary must provide technical assistance to utilities or developers using the guide and establish a clearinghouse of completed grid-enhancing technology projects. Authorizes $5,000,000 for fiscal year 2024 and $1,000,000 for each of fiscal years 2025 through 2035, to remain available until expended.