Wed. Jul 24th, 2024

TLDR:

Key Points:

  • ‘Advancing Grid Enhancing Technologies’ (GETs) Act introduced in the US to boost investments in grid enhancing technologies
  • Shared savings incentive proposed instead of traditional fixed rate of return for developers

In the US, the ‘Advancing Grid Enhancing Technologies’ (GETs) Act has been introduced to incentivize the deployment of grid enhancing technologies. The legislation, proposed by a group of senators and house representatives, calls for the establishment of a shared savings incentive by the Federal Energy Regulatory Commission (FERC) to encourage investments in GETs by July 2025.

Instead of the traditional fixed rate of return on a capital investment, developers would receive a portion of the savings attributable to the investment in GETs, with some savings also going to customers. The Act also includes an annual reporting requirement for transmission owners to report congestion costs to FERC and directs the Department of Energy to provide technical assistance and manage examples of GETs projects.

The introduction of the Act comes after industry associations urged FERC to implement incentives for GETs deployment. Some states have already started acting on GETs with studies and legislation in progress. Grid enhancing technologies include dynamic line rating, advanced power flow control, and topology optimization.