SPEED and Reliability Act of 2024

This bill amends the Federal Power Act to authorize the Federal Energy Regulatory Commission (FERC) to issue permits for the construction or modification of certain high-voltage, multi-state or offshore transmission facilities designated as "national interest high-impact transmission facilities."

Sec. 2, Siting of national interest high-impact transmission facilities: This section adds a new subsection (l) to section 216 of the Federal Power Act. It defines key terms including "national interest high-impact transmission facility" as a facility designated by the Secretary of Energy. A project sponsor or state may apply to the Secretary for such a designation. The Secretary must approve the application within 90 days if the facility is in the national interest, operates at 345 kilovolts or more, adds or increases capacity by at least 750 megawatts, crosses at least two states or one state and the outer Continental Shelf, and supports bulk-power system reliability. The designation is not a major federal action under NEPA. The Secretary must issue regulations within 180 days establishing an application process and milestones. After designation, a project sponsor or state may apply to FERC for a construction or modification permit. FERC may issue the permit after notice and hearing if certain existing siting criteria are met. The bill also makes conforming amendments to other sections of the Federal Power Act and to laws on transmission facility financing and public-private partnerships.