SPEED and Reliability Act of 2024

The SPEED and Reliability Act of 2024 creates a new process for designating major electricity transmission projects as "national interest high-impact transmission facilities." To qualify, projects must transmit at 345+ kilovolts, add or increase capacity by 750+ megawatts, and cross multiple states or the outer continental shelf. The bill streamlines permitting by directing the Federal Energy Regulatory Commission (FERC) to issue construction permits within 90 days for qualifying projects, while exempting them from standard National Environmental Policy Act (NEPA) reviews. This directly affects transmission project sponsors (like utilities), project states, and local authorities by accelerating approvals for large-scale infrastructure needed to address grid congestion and reliability.