SPEED and Reliability Act of 2024

This bill creates a new federal process to fast-track approval of major transmission lines that meet specific criteria. It designates "national interest high-impact transmission facilities" if they transmit at least 345 kilovolts, add or increase 750 megawatts of capacity, cross multiple states or the outer continental shelf, and improve grid reliability. Project sponsors (like utilities) can apply to the Secretary of Energy for designation; if approved within 90 days, the Federal Energy Regulatory Commission (FERC) issues construction permits without full environmental review under the National Environmental Policy Act (NEPA). This directly affects large utility projects and state/local governments by shifting approval authority to federal agencies for qualifying infrastructure.