1. Short title This Act may be cited as the Streamlining Powerlines Essential to Electric Demand and Reliability Act of 2024 or the SPEED and Reliability Act of 2024 . 2. Siting of national interest high-impact transmission facilities (a) In general Section 216 of the Federal Power Act ( 16 U.S.C. 824p ) is amended by adding at the end the following: (l) Siting of national interest high-Impact transmission facilities (1) Definitions In this subsection: (A) Bulk-power system The term bulk-power system has the meaning given the term in section 215(a). (B) Local authority The term local authority means a unit of local government, including a county, a municipality, a city, a town, a township, and any other political subdivision created by or pursuant to State law. (C) National interest high-impact transmission facility The term national interest high-impact transmission facility means a transmission facility designated as a national interest high-impact transmission facility under paragraph (2). (D) Outer continental shelf The term outer Continental Shelf has the meaning given the term in section 2 of the Outer Continental Shelf Lands Act ( 43 U.S.C. 1331 ). (E) Project sponsor The term project sponsor means an entity seeking to construct, own, or operate a national interest high-impact transmission facility. (F) Project State The term project State means a State in which there is located or is proposed to be located any portion of a transmission facility designated or sought to be designated as a national interest high-impact transmission facility. (G) Reliability standard The term reliability standard has the meaning given the term in section 215(a). (2) Designation of national interest high-impact transmission facilities (A) In general A project sponsor or project State may submit to the Secretary an application to designate a transmission facility as a national interest high-impact transmission facility for purposes of paragraph (3). (B) Contents of applications An application submitted under subparagraph (A)