This bill, known as the FAIR Data Act, aims to amend the Public Utility Regulatory Policies Act of 1978 (PURPA) to protect residential and small business electric consumers from bearing the costs associated with large data centers. Specifically, it introduces a new standard prohibiting investor-owned, state-regulated electric utilities from recovering any costs related to "covered data centers" from these consumer groups. This prohibition extends to expenses for upgrades made to the electric grid's generation, transmission, or distribution facilities necessary to meet the substantial electricity demand of these large data centers. A "covered data center" is defined as a facility, or aggregation of facilities at a single site, with a peak demand exceeding 75 megawatts , primarily housing electronic equipment for digital information processing, storage, or transmission. State regulatory authorities are mandated to commence consideration of this new standard within six months of the bill's enactment and complete their determination within one year. Failure to do so requires consideration in the first rate proceeding after three years, though states with prior comparable actions may be exempt. The bill also links Department of Energy (DOE) funding for state regulatory authorities to compliance with its provisions. To receive DOE funds, states must certify that data center costs will not be passed on to residential or small business consumers and that data centers claiming consumer bill decreases provide annual reports on actual savings. Furthermore, the Federal Energy Regulatory Commission (FERC) is required to submit an annual report to Congress detailing the impact of covered data center demands on residential and small business electricity rates and overall grid reliability.