Underground transmission lines; qualifying projects.

Pilot program for underground transmission lines; qualifying projects. Requires the State Corporation Commission to approve applications for a newly proposed 500-kilovolt transmission line filed between January 1, 2025, and December 31, 2026, as a qualifying project to be constructed in whole or in part underground, as a part of a pilot program. The bill requires such a qualifying project to traverse along highways in developed areas and where the route of the proposed transmission lines and towers traverse areas are protected by a scenic easement, a view shed easement, areas of registered historic designation, or areas with conservation easements, where such easements run to the benefit of the public and are held by the governing body of the federal, state, or local jurisdiction in which the transmission line is to be placed and where the project is required to meet reliability requirements and at least a portion of the project is needed to support and promote economic development of the Commonwealth and its localities. The bill also requires that the governing body of each locality in which a portion of the proposed line will be placed has entered into an agreement with the public utility to pay its proportional share of 20 percent of any portion of the cost of the project not recoverable under applicable rates, terms, and conditions approved by the Federal Energy Regulatory Commission. Under the bill, the remainder of the cost will be assigned to the utility's data center customers.