Interregional Transmission Planning Improvement Act of 2023

This bill requires the Federal Energy Regulatory Commission (FERC) to improve how it plans and approves large electricity transmission projects that cross state lines (interregional projects). It directs FERC to ensure projects are evaluated based on multiple benefits - including economic, reliability, and operational gains - and to assign costs broadly to customers who receive those benefits, rather than using arbitrary size or cost limits. Transmission developers can seek cost recovery if a project connects multiple regions, no existing plan meets FERC’s criteria, and benefits outweigh costs. The changes aim to streamline planning (requiring reviews every 2 years) and prevent repeated reassessment of approved projects.