; (II) the costs, benefits, and challenges associated with deployment of the advanced energy technologies described in subparagraph (A); and (III) the impact of grid efficiency improvements on wholesale and retail electricity rates; and (ii) an analysis of the benefits of performance-based financial and regulatory incentives in the deployment of advanced energy technologies relative to the cost-of-service of those advanced energy technologies, as determined by the Secretary. (b) Report Not later than 18 months after the date of enactment of this Act, the Secretary shall submit to the Committee on Energy and Natural Resources of the Senate and the Committee on Energy and Commerce of the House of Representatives a report describing the results of the studies under paragraphs (1) and (2) of subsection (a). 5. Interconnection processes and transmission upgrades (a) Priority of financial assistance (1) In general The Secretary shall use the existing grant funding provided through relevant funding streams and programs of the Office of Electricity of the Department of Energy— (A) to give priority to transmission and distribution utilities seeking to conduct pilot programs aimed at integrating advanced energy technologies into the bulk electric system; and (B) to focus on escalating demand for advanced energy technology interconnections. (2) Requirement In carrying out paragraph (1), the Secretary shall develop the design of and method for carrying out any funding opportunities identified pursuant to that paragraph. (b) Transmission planning and siting (1) Independent report The Commission shall offer to enter into an agreement with the National Academy of Sciences to prepare a report on whether— (A) existing regional and interregional transmission planning and siting processes are effectively supporting State resource planning objectives