The bill aims to establish restrictions on the ownership of energy infrastructure in Idaho, emphasizing the importance of local and regional control over critical energy resources. It specifically prohibits any entity that is established, chartered, or primarily governed by another state from acquiring, holding, or operating ownership interests in Idaho's electrical transmission facilities, which include transmission lines, substations, and related infrastructure. The intent is to protect Idaho's energy independence and ensure that control remains within the state.

Additionally, the bill includes provisions that exempt private entities, investor-owned utilities, cooperative utilities, and independent transmission developers that are not controlled by another state government from these restrictions. It allows Idaho-based utilities to enter into contracts for energy transmission services with out-of-state entities. The Idaho Public Utilities Commission is granted the authority to review ownership compliance, and any violating entity must divest its interest in Idaho energy infrastructure within a specified timeframe, not exceeding two years from the effective date of the law. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.