This bill amends the Federal Power Act to grant the Federal Energy Regulatory Commission (FERC) explicit jurisdiction over the interconnection of "covered large loads" to the interstate transmission system, defined as new or expanded non-residential electric loads of at least 150 megawatts. This jurisdiction encompasses flexible, provisional, and phased interconnection services, allowing for diverse integration approaches. The legislation mandates FERC to issue a final rule within one year, establishing comprehensive standards and procedures for these large load interconnections. These rules must include timelines, readiness requirements, and study procedures designed to protect other customers from speculative requests, while also identifying reasonable alternatives like advanced transmission technologies. A key provision addresses the classification and allocation of transmission costs , requiring 100 percent of costs for Interconnection Facilities and Direct Assignment Facilities to be directly assigned to the large-load customer. Costs for Network Upgrades will be allocated to large-load customers and credited back against transmission service charges, with an option for customers to build their own upgrades. The bill also requires standards for payment and financial security to protect other customers from unrecovered costs if a large load project fails. It mandates transparency regarding cost classifications and recovery, and allows large-load customers to voluntarily fund regional or interregional transmission facilities for transmission service rights, reducing costs for other ratepayers. These provisions, however, explicitly state that they do not apply to ERCOT.