Advancing GETs Act of 2024

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

Sec. 2, Definitions: Defines key terms: 'Commission' means the Federal Energy Regulatory Commission; '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, the Commission must issue a final rule providing a shared savings incentive that returns 10% to 25% of savings to the developer over 3 years. The incentive applies to any developer or technology, including new or existing facilities, but only if expected savings over 3 years are at least 4 times the investment cost. It does not apply to already-installed technologies. The Commission must set consumer protections.

Sec. 4, Congestion reporting: One year after the rule's effective date, all transmission facility operators must submit annual reports on congestion management costs. By July 1, 2025, the Commission must issue a final rule establishing a universal metric and protocol for reporting. The Commission and Secretary must use the data for analyses, jointly create and annually update a map of congestion costs, and make the data and map publicly available on their websites.

Sec. 5, Grid-enhancing technology application guide: Defines 'developer' as a transmission facility or technology developer, including those paying to install grid-enhancing technology. By July 1, 2025, the Secretary must establish an application guide for utilities and developers, reviewed and updated annually. The Secretary must provide technical assistance on request and establish a clearinghouse of completed projects. Authorizes $5,000,000 for fiscal year 2024 and $1,000,000 for each fiscal year 2025 through 2035.