The bill establishes the rights of incumbent electric transmission owners regarding the construction, upgrading, ownership, and maintenance of electric transmission lines identified in a transmission plan approved by the regional transmission organization. It grants these owners the first right to undertake such projects if the lines interconnect with their facilities. To exercise this right, the incumbent must provide written notice to the regional transmission organization and either obtain or apply for a certificate of convenience and necessity within specified timeframes. For lines with a need date of four years or more, the incumbent must also issue a request for proposals to solicit competitive bids for construction, overseen by an independent evaluator appointed by the state corporation commission.

Additionally, the bill outlines the process for determining rights when multiple incumbent owners are involved and allows other electric transmission entities to construct lines if the incumbent fails to act or is deemed unqualified. It clarifies that the rights established do not affect the existing property rights of the incumbent owners or the rights of municipally owned utilities to maintain their facilities. The bill also includes definitions for key terms such as "electric transmission line," "incumbent electric transmission owner," and "regional transmission organization."