Congress Faces Decision on SPEED Act to Reform Energy Permitting and Boost U.S. Competitiveness
The U.S. Congress is considering the Standardized Permitting and Expediting Development Act (SPEED Act), a bipartisan bill aimed at reforming the permitting process for energy projects. The current system, governed by the National Environmental Policy Act, has been criticized for causing delays due to extensive reviews and litigation, which hinder project development. The SPEED Act, introduced by House Committee on Natural Resources Chairman Bruce Westerman and Rep. Jared Golden, seeks to streamline these processes, providing certainty for investors and reducing project timelines. The bill is seen as crucial for meeting the growing energy demands driven by advancements in artificial intelligence and data centers, which require significant new electricity generation capacity.