The bill aims to strengthen Washington state's electric transmission system to support its goals of carbon neutrality by 2030 and a carbon-free electricity system by 2045. It establishes the Washington Electric Transmission Office within the Department of Commerce, tasked with long-term planning, development services, and coordination of siting and permitting for new electric transmission lines. The office will also enhance reliability during extreme weather, improve access to low-cost renewable energy, and foster economic growth while keeping energy rates affordable. An Electric Transmission Advisory Board will be created to guide transmission needs assessments and system enhancement strategies.

To achieve these objectives, the bill mandates a 20-year transmission needs assessment to identify system inefficiencies and prioritize actions based on cost-effectiveness and environmental impact. It allows for the adoption of grid-enhancing technologies and reconductoring with advanced conductors, exempting them from certain environmental compliance requirements within existing rights-of-way. The bill also introduces an incentive rate of return for electrical companies investing in these technologies and requires the commission to provide interim reports on electric transmission infrastructure improvements and the impacts of these incentives. Additionally, it modifies the management of the treasury income account, establishing a new electric transmission capital account to receive earnings from surplus balances, while eliminating the requirement for appropriations for payments to financial institutions.