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 a 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 obtain a certificate of convenience and necessity for construction. For lines with a need date of four years or more, the incumbent must also solicit competitive bids for construction, overseen by an independent evaluator appointed by the state corporation commission.

Additionally, the bill outlines the conditions under which other electric transmission entities may construct, upgrade, own, and maintain transmission lines if the incumbent does not timely indicate their intent or is deemed unqualified by the regional transmission organization. It clarifies that the rights of incumbent electric transmission owners over their existing property are not affected by this section, and it ensures that municipally owned utilities retain their rights to manage their transmission facilities. The bill also defines key terms such as "electric transmission line," "incumbent electric transmission owner," "regional transmission organization," and "transmission plan."