SPEED and Reliability Act of 2024

This bill amends the Federal Power Act to give the Federal Energy Regulatory Commission (FERC) authority to issue permits for building or modifying certain large, high-voltage transmission lines that cross state lines or go into the outer continental shelf, called "national interest high-impact transmission facilities."

Sec. 2, Siting of national interest high-impact transmission facilities: This section adds a new subsection to the Federal Power Act. It defines terms like "national interest high-impact transmission facility" as a transmission line of at least 345 kilovolts that adds or increases capacity by at least 750 megawatts and crosses at least two states or one state and the outer continental shelf. A project sponsor or state can apply to the Secretary of Energy to have a facility designated as such. The Secretary must decide within 90 days, consulting affected states, local authorities, and tribes, and must find the facility is in the national interest, meets the voltage and capacity thresholds, crosses the required boundaries, and helps the bulk-power system's reliability. The designation is not considered a major federal action under the National Environmental Policy Act. The Secretary must issue rules within 180 days for evaluating applications and setting milestones showing the sponsor can complete the project. After designation, the sponsor or state can apply to FERC for a construction or modification permit. FERC may issue the permit after notice and hearing if it finds the facility meets certain conditions from existing law. The bill also makes conforming changes to other laws to include these new facilities in existing provisions for transmission siting, financing, and public-private partnerships.