The Institute shall begin work pursuant to this section within 60 days of December 19, 2007. The Institute shall provide and publish an initial report on progress toward recommended or consensus standards and protocols within 1 year after December 19, 2007, further reports at such times as developments warrant in the judgment of the Institute, and a final report when the Institute determines that the work is completed or that a Federal role is no longer necessary.
At any time after the Institute’s work has led to sufficient consensus in the Commission’s judgment, the Commission shall institute a rulemaking proceeding to adopt such standards and protocols as may be necessary to insure smart-grid functionality and interoperability in interstate transmission of electric power, and regional and wholesale electricity markets.
There are authorized to be appropriated for the purposes of this section $5,000,000 to the Institute to support the activities required by this subsection [2] for each of fiscal years 2008 through 2012.