The bill establishes the Washington Electric Transmission Authority to enhance the reliability, resilience, and affordability of the state's electric transmission system. It addresses the urgent need to upgrade existing infrastructure to meet rising electricity demands due to electrification and the shift to renewable energy sources. The authority will engage in long-term planning, coordinate with stakeholders, and implement strategies to improve access to low-cost renewable energy while adhering to clean electricity requirements and greenhouse gas emissions limits. 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.

Additionally, the bill introduces new sections to existing laws, ensuring that critical energy infrastructure information remains confidential and exempt from public disclosure. It exempts certain utility activities from compliance with the State Environmental Policy Act if they occur within existing rights-of-way or previously disturbed lands, while mandating notification to tribal and archaeological bodies to protect cultural resources. The bill also allows for an incentive rate of return on investments in grid-enhancing technologies until December 31, 2040, contingent on specific capital investments. Furthermore, it clarifies the distribution of earnings from various state accounts and introduces the "electric transmission capital account" into the legal framework, with specific expiration and effective dates for certain provisions.