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 and outlines the process for exercising this right, including the requirement to provide written notice to the regional transmission organization. Additionally, for lines with a need date of four years or more, the incumbent owner must solicit competitive bids for construction, overseen by an independent evaluator appointed by the state corporation commission.

The bill also clarifies that if multiple incumbent electric transmission owners are involved, they must mutually agree on the rights to the transmission line. If an incumbent owner fails to indicate their intent to exercise their rights or is deemed unqualified, other electric transmission entities may proceed with the construction, provided they obtain necessary approvals. The bill includes definitions for key terms such as "electric transmission line," "incumbent electric transmission owner," and "regional transmission organization," ensuring clarity in its application.