Interregional Transmission Planning Improvement Act of 2023

This bill requires the Federal Energy Regulatory Commission (FERC) to reform the interregional transmission planning process to improve the identification and development of transmission projects that connect multiple planning regions. Sec. 2, Increasing effectiveness of interregional transmission planning: FERC must ensure existing planning processes effectively identify interregional transmission projects providing economic, reliability, and operational benefits, considering public interest, market integrity, and consumer protection. Changes must promote efficient, cost-effective solutions selected for cost allocation based on factors including multiple benefits, single-project comprehensive assessment, no subsequent reassessment by planning authorities, synchronization of regional planning processes, long-term evaluation of at least 20 years, stakeholder alternative proposals, regular planning at least every 2 years, and elimination of arbitrary voltage, size, or cost requirements, regardless of the developer's business model. Cost allocation methodologies must reflect multiple benefits and assign costs broadly to customers based on benefits received. Recovery of costs: FERC must allow a transmission developer of an interregional project meeting criteria to request cost recovery if the project connects more than one planning region, no interregional plan meeting criteria has been adopted, and project benefits outweigh costs. Rulemaking: Within 18 months of enactment, FERC must issue a final rule to implement this section.