or (2), unless the Commission determines that such 
reliability
standard
does
not
adequately
protect 
against such vulnerability or otherwise does not sat-
isfy the requirements of section 215. Upon such ap-
proval, the Commission shall rescind the rule pro-
mulgated or order issued under paragraph (1) or (2) 
addressing such vulnerability, effective upon the ef-
fective date of the newly approved reliability stand-
ard. 
‘‘(4) GEOMAGNETIC STORMS.—Not later than 1 
year after the date of enactment of this section, the 
Commission shall, after notice and an opportunity 
for comment and after consultation with the Sec-
retary and other appropriate Federal agencies, issue 
an order directing the Electric Reliability Organiza-
tion to submit to the Commission for approval under 
section 215, not later than 1 year after the issuance 
of such order, reliability standards adequate to pro-
tect the bulk-power system from any reasonably 
foreseeable geomagnetic storm event. The Commis-
sion’s order shall specify the nature and magnitude 
of the reasonably foreseeable events against which 
such standards must protect. Such standards shall 
appropriately balance the risks to the bulk-power 
system associated with such events, including any 
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regional variation in such risks, and the costs of 
mitigating such risks. 
‘‘(5) LARGE
TRANSFORMER
AVAILABILITY.— 
Not later than 1 year after the date of enactment 
of this section, the Commission shall, after notice 
and an opportunity for comment and after consulta-
tion with the Secretary and other appropriate Fed-
eral agencies, issue an order directing the Electric 
Reliability Organization to submit to the Commis-
sion for approval under section 215, not later than 
1 year after the issuance of such order, reliability 
standards addressing availability of large trans-
formers. Such standards shall require entities that 
own or operate large transformers to ensure, individ-
ually or jointly, adequate availability of large trans-
formers to promptly restore the reliable operation of 
the bulk-power system in the event that any such 
transformer is destroyed or disabled as a result of 
a reasonably foreseeable physical or other attack or 
geomagnetic storm event. The Commission’s order 
shall specify the nature and magnitude of the rea-
sonably foreseeable attacks or events that shall pro-
vide the basis for such standards. Such standards 
shall— 
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‘‘(A) provide entities subject to the stand-
ards with the option of meeting such standards 
individually or jointly; and 
‘‘(B) appropriately balance the risks asso-
ciated with a reasonably foreseeable attack or 
event, including any regional variation in such 
risks, and the costs of ensuring adequate avail-
ability of spare transformers. 
‘‘(d) CRITICAL DEFENSE FACILITIES.— 
‘‘(1) DESIGNATION.—Not later than 180 days 
after the date of enactment of this section, the 
President shall designate, in a written directive or 
determination provided to the Commission, facilities 
located in the United States (including the terri-
tories) that are— 
‘‘(A) critical to the defense of the United 
States; and 
‘‘(B) vulnerable to a disruption of the sup-
ply of electric energy provided to such facility 
by an external provider. 
The number of facilities designated by such directive 
or determination shall not exceed 100. The Presi-
dent may periodically revise the list of designated fa-
cilities through a subsequent written directive or de-
termination provided to the Commission, provided 
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