The bill establishes the Washington Electric Transmission Authority to improve the reliability, resilience, and affordability of the state's electric transmission system. It addresses the urgent need for infrastructure expansion and upgrades to meet rising electricity demand, driven by the electrification of various sectors and the state's goals of carbon neutrality by 2030 and carbon-free electricity by 2045. Key provisions include the creation of a board of directors, a 20-year transmission needs assessment by the Department of Commerce, and the establishment of two new accounts in the state treasury for managing electric transmission project costs. The authority will have the power to adopt rules, enter contracts, and utilize eminent domain for land acquisitions while ensuring the protection of cultural and natural resources and minimizing impacts on vulnerable communities.

Additionally, the bill introduces new sections to existing laws regarding energy infrastructure, including the classification of critical energy infrastructure information as confidential and exempting certain utility activities from compliance with the State Environmental Policy Act. It allows for an incentive rate of return on investments in grid-enhancing technologies until December 31, 2040, and mandates notification to tribal and archaeological bodies before commencing exempt projects. The bill also updates the state's financial management by adding the "electric transmission capital account" and outlines the effective and expiration dates for specific provisions, ensuring clarity in implementation.